Ann: $8.4m capital raising to advance PNG and WA gold projects, page-10

Why would you participate when you can buy on market for the same share price?
It looks like the CR offered to retail holders could have failed?
Only $2m so not essential for it to succeed but the fall in the SP shows a lack of confidence in the resource.
A lot of it is around 1 g/t au. Misima hosts an existing JORC2012 resource of 82.3Mt at 1.1g/t for 2.8Moz.
Recovery would be low and AISC high.
The resource is viable only while the price of gold is very high but that could be for a while.
The big problem I see is the location. PNG under the present regime is playing hardball with miners.
They have just snatched the Pongera mine back even though that has part Chinese ownership and you don't mess with the Chinese.