material capital raising??, page-21

"It looks that they have carculated that they need money to last till BFS is finalised and then for financiers to look at BFS ......"
Well, I'm not so sure about their lack of money. As I posted the other day :

"Cash at Bank A$1.9m (31 March 2010)" page 4 of Presentation.

Okay so we are nearly at the end of May and they do have June to get through. But as I have also said I would expect that some of the 20 largest Option holders could well stump up with the funds yet.
Yes and some conversion of Options will get down very close to the wire of June 5th.

So either they have given up hope of getting them converted and have opted for the security of getting funds in to replace them instead.
Or the deal is going to be structured in such a way that when the announcement is made the sp goes up strongly and we have the likelihood that most of the RAUO will also be converted. A real win-win for RAU.
I would like to think it is the second option.