Ann: Trading Halt, page-218

If this was something highly positive - there would have been a sentence in the Trading Halt announcement regarding the reason.

The reason this is in trading halt is so that BRN can go and chat to all the brokers to see who can offer them the best terms for a cap raise and who had the best access to sophisticated investors. That sort of information gets out, so you can't continue trading until you've signed the agreement with the broker and the exact nature of the raise is determined.

If it was a cornerstone investor wanting to take a position to fund a specific program of development/commercialisation, the terms would have all been wrapped up in advance under an NDA and all the market would be getting would be are announcement(s) detailing the reasons for the raise, and notice of EGM to vote on the issuance of extra shares. Based on the current MC, the percentage of new shares to be issued would be significant if the company needed say, $100 mil to fund a specific project.