Ann: Leonora Gold Project Update, page-122

There are a number of concerns, but clearly the directors are attempting to raise $11 million in the interim.

So what might be the potential price of a capital raising?
Difficult to gauge, given the recent events, and the poor reputation the company has now garnered.

IMHO though, I think they will be lucky to get a capital raising away at 12 cents.
This is what I think Kirkwood and Morgans will be discussing.
Morgans will want 10 cents, so they may meet in the middle and opt for an attempt at 11 cents.

So my guess - 100 million shares at 11 cents via Morgans clients and a current shareholder offer.
And they may even throw in a free option for every 2 or 3 shares held, at 20 cents or thereabouts.

It's going to be interesting.

Either way, and despite the news today, some of the directors are still likely to be eating out at 5 star restaurants down on the beautiful Swan River tonight - at shareholder expense of course. It's the system.

Gw