Surprised with the timing of this and won't be situated to take...

Surprised with the timing of this and won't be situated to take full offering. The positives I see are they are inclusive for current holders as opposed to offering to the vulture investment funds (fidelity). Seems to becoming rare for the micro caps so thats good. Secondly it enforces the commitment to keep DZP rolling and it seems icing the project is certainly not on the minds of management.

What I can't understand is why not delay the raising until you really need it. 16 M cash in hand, yet potential dilution for holders (if the don't uptake in the range) of 17-18%. Upcoming expenditure I see for tomingley underground (35-40 M over the development period), slated for commencement at the end of this calender year. Most of the justification for the raising however seems ad-hoc expenses so their is no pending bill for a 30 M odd payment. Also we just payed $2.5 tax on company profit, possibly some of the costs could be offset if the gold revenue was used (?). Even a few months delay may allow for offtake agreements to be finalised and opportunity for further good news stories to reinvigorate the SP and raise at a high price (really may as well call this raising at a 5 year low, with only a few short term blips below the 20 cent mark).

Anyway I have glanced the documentation and the urgent need for cash injection was lost to me. If gold revenue is being ring-fenced for the underground development this should have been explained. Alternatively if the DZP short term requirements includes current cash in hand that could also be clearer (in which cash will we need plenty of cash to kick of the underground op).

Any thoughts? Cheers.