Ann: Calidus Secures $20M to Fund Growth Projects, page-28

The most important para in the release:

"But with the initial cashflow committed to reducing debt, this additional capital will allow us to immediately accelerate our strategy to unlock our growth projects, which have potential to generate significant returns for shareholders."

The business could not have pre-empted the 20% inflationary pressures on Opex at the time of prior raises, and this will have had a material impact on cashflow liquidity against the Macquarie loan repayment covenants.

We could have been entirely self funding, if we were prepared to down tools on cost bearing expansionary works whilst the 'waterfall accounts' filled up. This will have been at the expense of time.

It was inevitable we'd face *some* consequences of 20% inflation, having successfully avoided issues during the $120m capital project completing on time AND budget against some of the worst macroeconomic conditions in generations. If the worst we feel is a small raise to expedite growth plans, then we've got off lightly.

I do feel we're overdue some key news, mind. Blue Spec DFS, water upgrades, commercial plans - had these materialised before this raise, the impacts of dilution would have been somewhat reduced.