Ann: Bulk Sample Outperforms Block Model-KNL.AX, page-33

Yep, as per Robbo's post, the last CR is not an issue. They have enough money (significantly more in total than the headline CR actually) that will come in the kitty in the near future. It's a measure of their confidence, and that the CR was accepted by shareholders (including me) that they didn't even have any real concerns raised about being unlisted options. That should also tell you that while some participants will still likely "churn" a bit, they are mostly thinking a bit longer term. So our "under-subscription" will actually be an "over-subscription" in 5 months time (assuming finance and the off-take get announced)

Also, unless I've read your post wrong, are you suggesting they will go to a CR for $77m? That's incorrect. The only recent company that raised 100% equity for their construction was SYR, due to not being able to raise debt due to the lack of "bankability" of their off-take agreements. KNL will obtain debt funding approval, then go on a roadshow to funds/instos, and be looking to raise probably $10m to $20m (bearing in mind that the revenue from the mine doesn't start on Day 1, but the costs certainly do, so they need to factor in working capital, hence my range). That $10m to $20m will be at a higher price than the current share price, and will see a few funds/instos come on board that haven't been able to do so yet due to the lack of finance approval.