my thoughts are that part of the tender process involved GAS showing they had available funds to complete exploration. as such the details of the raisehad already been agreed with the sophisticated investors and they were only waiting on the tender announcement made by the QLD government on the 21/9, before they made it public.
so maybe their hands were tied? couldnt win the tender without the raise? or maybe they are looking after their mates. who knows , can only speculate.
Ann: Private Placement and Share Purchase Plan to raise $11.5M, page-11
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