Ann: NSW Project Update, page-14

Koozy,
you're right, a rights issue should be THE option management should be contemplating, but at best we'll be raising funds at a 20% discount to market in order to ensure that the raise is supported and even then it will need to be underwritten, so we'll be paying 6% for that..plus cheap options to the broker!
We've seen a positive appreciation on the share price today, but that only equates to 1cent or a mkt cap of sub $5M, so at best, based on a 1:1 rights issue with a 20% discount to market, we'll be raising a maximum of $4M and doubling the issued cap!
$240k will go to the Broker!
Not an ideal situation, but at least the current shareholders have an option of not getting diluted and the new +$3.5M should be enough to turn both the Cobar Copper and Gold, Projects into significant company makers .. one can only hope that management is thinking along these lines