The facts and circumstances indicate to me that this is not a run-of-the-mill sophisticated investor placement. My reasons for concluding that way are set out 'here and there' above.
I think that the Wodger exploration done so far has suggested that somewhere in the Wodger area is a large vms cu/au/ag deposit and that a specialist micro cap investor eg Acorn Capital wants to invest for the medium to long term.
On the flip side is a company that will need a good supply of money to explore fully and properly.
Expand the view so as to include Forrest, Big Billy, Cashmans, Morcks Well, Doolgunna, Horseshoe and Chunderloo - all very prospective - and it can be seen that it is a big picture, even a majestic one perhaps. To do them all justice is going to take time and lots of money, so get a medium to long term big investor on board.
M2HB thinks it will be 50m x 8c = $4m. Assume that AUROA will be fully converted (I received my option exercise form x 2 today so that's a
from the company I think) then that's another $3.9+m. Suddenly, along with money already in kitty, the company has about $10m available to use, but about 46om shares on issue to counter that to some extent.
The graph above has really important info in it. It assesses the risks attaching to various minerals exploration and processing into metal. Copper/copper-gold is second from the bottom
.
Here's hoping!!
(20min delay)