Ann: A$80m Fully Underwritten Equity Raising to Accelerate Explor, page-61

"Secondly, the NWH stake of 56.9m shares @ $0.58/share is worth ~$33m.
So I think the Entitlement has been structured to equal $33m ... 965m shares on issue / 17 * $0.58."

With great respect, I think you're incorrectly binding two distinctly separate issues together:

1. $80M CR by SPR, via Placement and Entitlement Offer. When coupled with end-March's $30M cash balance it totals $110M available to the company to be spent over the next 18 months, as detailed on p.4 of today's raising announcement; and

2. Although in the press is reporting it as occurring concurrently, the sale of an existing holding of 56.9M shares -- presumably NRW's stake -- is a completely separate process from SPR's CR. The proceeds of that trade/block sale will go directly to the selling SH. That transaction will have nothing to do with SPR, which won't see any of the proceeds. That's why there was no mention of it in SPR's CR announcement.

Assuming those 56.9M shares are also being offered at 58c (can't imagine otherwise), the market is effectively being tapped for ~$113M (i.e. $80M by SPR and $33M by the exiting SH (NRW?)). It's a good time for both to be doing so. And, to the extent the market might have previously been nervous wrt a ~57M share overhang from a legacy SH, it should be (indirectly) good for the company, moving forward, that the overhang gets taken out by a new holder.)

Hope that helps.