kalahari raises funds to maintain ext share, page-14

EXT has sufficient cash to operate at current rates for a very long time and I think we all agree they've made an outstanding discovery. IMO value will be realised much quicker if they aggressively increase exploration. Doubling or tripling drill rigs on site would obviously burn through cash at a much greater rate but would fast foward us to the final chapter.
if KAH put the entire au$36.43m into a fund raising at current price and only managed to maintain their 38.85%, EXT would stand to raise circa au$93.77m. That would seem to be anticipating an extremely agressive increase in drilling!
KAH's 38.85% of EXT is currently valued by the market at au$424.98m. If they spend their £17.89m (au$36.43m) participating in a fund raising, at current price they could acquire another 7.4million shares valuing their newly enlarged holding at au$461.41m.
However, if they spend au$24m acquiring 4m shares in the market at an average of $6 per share and manage to drive the price up to $7 in the process, then spend the remaining au$12.43m participating in a share issue at au$7, their newly enlarged share holding would have a market value of au$617.07m.
Because the other participants will have paid 40% more for their new shares, and KAH would have already acquired 4m shares, EXT could raise up to au$105m before KAH
would drop below 38.85% of the enlarged company. If this theory actually worked in practice, EXT could raise, say $50m, while KAH would have increased it's percentage at the same time as raising the value of it's shares.

I know their are many holes in this line of thinking and feel sure someone will enjoy pointing them out ;o)