This Capital Raise:
$18M funds recieved from the raise ($20M minus costs).
$80M lost in Market Capitalisation from the raise and a circa 5% dilution.
This is a very poor choice for a raise that wasn't needed and lacks transparency or clarity on why it was done.
There is no story with it, no cornerstone investor, no offtake, no strategic investment, no logical reason, nothing.
Something smells.
Ann: Arafura Launches A$20m placement and A$10m SPP, page-33
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