chart, page-17

I'm remembering that the last placement at 40c compared very favourably to the 5 day VWAP of 41.9c. CAZ also stated that they introduced institutions of the highest calibre. This was one month ago.

Now we have a price of 63c.

Could be similar, and perhaps they may utilise the options again - I haven't heard a thing from them or Pattersons. The SP is now high so any dilution will be minimal IMO. Their decision making will let us know whether they are going to go alone or beef up the cash to complete the DFS and look for takers.

Personally, I'd go for not more than $5 - $7m and if needed, a complementary SPP/small rights issue to sure up the retailers. Will be interesting.