Ann: Off-Take Agreement, page-64

Less shares on issue but higher price. Let's take December 2010 as an example:
After raising $10m at 0.23 meaning 46m shares,
the register stood at 126.5m shares for a market cap of $30m.
the price soon peaked at 0.48 for a market cap of $60m.

interestingly after the raise the company had $15m in cash!
millions handed to manajem.
the announcement on 21/12/2010 says:
"Alara is pleased... Mining license awarded to manajem...
a jv is currently being set up... To be transferred."
well done Shanker Madan and all other staff at the time, you #@%*
good decision not to set up the jv shell in advance of the licence, not.
too busy stealing shareholder funds via overpaid asx listed company salaries.

anyway, now lets say 600m shares at 0.02 gives a market cap of $12m
so 60% to 80% cheaper than at that time in 2010.