not a bad option, but they only recently (at the AGM) got approval to issue 10% of the current shares on issue.
they have just a tick over 750m ordinary shares on issue - so they can issue 75m shares without seeking shareholder approval. any more they need further shareholder approval.
75m shares @ 50c is only A$37.5m, @ 40c it is A$30m. Not sure they would like to tie up their option of doing a placement or capital raising in the next 12 months with paying down approx US$21m to US$26m debt. But who knows what lies ahead.
Ann: A$38.5M EBITDA achieved at Blair Athol in Jan 2022, page-10
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