Ann: Arafura launches A$20m placement and A$7m SPP, page-120

I asked that exact question. It’s just to prove to the incoming investors they have funding/ sufficient money through the capital raise section. Ie they had to think this through carefully.

There is other ways we could have got the money, that I discussed. But all had consequences a bit too detailed to explain here.

I wasn’t happy about the raise, but understand its relevance/requirement.

I was promised unused funds go towards construction, so in some respects it’s just money that we don’t have to raise later.

They have only one focus now, that’s equity, so it’s some relief, in contrast to trying to get debt. The debt had to be proved by all funders/ the economics that is. It follows that investors have a less rigorous test. Particularly as a bunch are offtakers.

Further, they were aiming on debt prior to end financial year, so admitted/apologised they were 3 weeks late on this part.