Ann: Capital Raising and SPP For Taronga Stage 1, page-19

I don't like this announcement for quite a few reasons:

• The fact that they could only generate one third of the requested funds from 'sophisticated' investors seems to me that not even they have confidence in ANW's ability to deliver results. As @capedaile said, that means they have to resort to their last straw - us, the patient, loyal retail investors to raise the remaining amount;
• They are now stating, "We anticipate by the end of this month" for sales of tin concentrate. In my opinion, there should be enough tin concentrate produced already to have shipments arranged and ready for transportation to Burnie. Inserting the word 'anticipate' just gives them another Get-out-of-jail-free card.
• This is what really has me angry and confused: The company is saying that they are: "finalising selection of crushing equipment by the contractor prior tomobilisation." Say what? Have they not sourced a crusher yet? And what about the 'contractor'. I thought we were now owner miners and rid of all contractors??

That's my take on the first reading of the announcement. Let's see how the day pans out and discuss our options moving forward.