Ann: Trading Halt, page-28

Not sure why so negative Gefarto. You generally wouldn't raise when you've nearly run out of funds, so a raise of some sort would be expected in the next 1-2 quarters anyway. If it is indeed the Germans it would appear they like the sector, are in for the long haul and will likely participate in future raisings and potentially towards the Capex. Exploration companies like MLM need funds to progress - drilling, resource quantification, metallurgical work, environmental studies, feasibility studies and on and on it goes. This won't be the last raise!
Yes it can be argued that the upcoming PFS will lift the share price but we all have the opportunity to buy shares NOW if that is the expectation. It can equally be argued that world events may negatively impact the markets and consequently our ability to raise funds at a reasonable share price.
Add the fact that the usual underwriting and brokers fees are not necessary in this sort of placement and if the raise is indeed 3.1 cents,I think, on balance, we are very fortunate to have attracted such an institution and the Board are acting very prudently and in the best interests of holders.
As far as the stench comment and comparisons with the previous management, the phrase chalk and cheese seems most appropriate without becoming blatantly honest and nasty.