Ann: Non-Renounceable Rights Issue to Fund Resource Drillout, page-18

At least if it's not underwritten we have saved the underwriting fee.
Hope that the directors are taking up their full entitlements.
Yes, the pitch is a little too close to the current SP, but the directors have little choice with the SP so low. Atl east the option is a sweetener and will pay well if there are good intercepts.Short sellers usually try and drive the price down when there is a cash raise- a little of that is going on but not worth their while as SP is so low, so hopefully we are fairly safe there.

Would have preferred them to wait and see if a deal could be reached on the South American prospect as may have provided the needed cash.