Ann: Capital Raising , page-7

IMO the current $15m was needed to finish the BFS at Jabal Sayid and fund the 6 or 7 rigs they have going at the moment. Exploration drilling rigs aren't cheap I bet.

The gold was US$13m Ines said so they needed aussie $19m or so and they raised a bit more. Myself i would have liked it done at 12 or so but look on the bright side there was $22.5m of stock wanted by the funds.

I remember a few posts on the PNA thread after they raised $50 million odd in the teens a month ago saying they given the stock away too cheap and it would never go up. Today they are in the 30's. Its just over a 15% issue for the safety of having no bank debt and in my view it makes it a far less risky bet.