They have no underwriting in place at the moment. If the price recovered to 17.5c they may get a partial underwriting over the line (see RNG where the first $2 million is underwritten).
As it stands now (14.5/15) the shortfall would be very heavy (maybe 90%) and they would have to delay some work and focus on cash flow.
Undoubtedly, a lot of the hot money from the placement is for sale at 15c and we have worked thru only some of this so far.
Then we have to get thru shareholders who don't want to increase their holding and will sell ords at 15.5/16c if they can get it and use cash to take up rts at 15c.
Probably needs something very good to happen (eg gold spikes to US$1200) for rights issue to even 50% succeed but still some hope.
MUN Price at posting:
15.0¢ Sentiment: Hold Disclosure: Held
