Ann: Trading Halt, page-144

The TO expenditure crap was estimated to be $4.7m at 51% and 11 million if they got 100%. So if its 4.7m to go from 20 to 50% and 11m to go from 20 to 100% its very roughly a million for every 6.5% meaning current spend is about $8.5m. All very rough of course. In terms of money in the bank it was $20.5m at end of December according to the halve yearly. So $12m for working capital and our share of the drilling + 3D. I recall Ian said it was about $12m for the survey (i think i recall anyway). Say working capital of $2 million and share of mob costs. So that leaves say around 7.5m for the drilling (or our share of $37.5m JV amount). I can't see how that is paying for 4 drills which are probably in the order of $15m each. So yeah, another $5 million at least (got about the same as you, just the long way around).

But based on those calcs, they won't need to raise for a while yet. I imagine it won't be until the TO offer is withdrawn. But of course just because they dont 'need' to raise, doesn't mean CE wont do it anyway.

$5m raises equates to 166 holders taking a full 30k in an SPP or more taking less. Whether that would happen will depend very much on the results of this drill I imagine. Will be interesting to see how this all plays out.