Ann: $3.78m Placement and Launch of Entitlement Offer, page-6

Respectfully beg to differ.

This was a substantial placement, designed to capture as much $$$ as possible. My thoughts would be that management have taken a years worth of operating capital on the back of rock chip samples, rather than a smaller placement until detailed assay results, as they may not have confidence the SP will stay this high. This will pull the price down in the short term, and then again either pull the SP back if it is above 3.6c when Tranche 2 comes out mid August, or provide a point of resistance if the SP is below this.
If they had real conviction in results, why not offer a smaller placement to cover future drilling, then a larger raise when high quality results sure up the SP and company confidence?