Ann: Carnaby Successfully Completes A$20M Placement, page-163

IMO people stress far too much about capital raises and dilution, they also mentally anchor to the cap raise price. In theory a capital raise and dilution is only an issue if it's done at a huge discount or if the money is then poorly allocated/wasted. What investors need to focus on is the likely return on investment of the capital raised: are we raising $20M to drill highly speculative 800m deep IOCG holes in a prospect where we still haven't intersected economic mineralisation? Or are we drilling somewhere that has seen historic high grade mining but hasn't been drilled before yet almost certainly hosts relatively shallow mineralisation? For every raised dollar that is spent on exploration if you can find economic mineralisation with accretive NPV of $2 (i.e. it increases the share price) then you have a 100% return on investment and the capital raise was a resounding success. For other major discoveries you often see a much higher return on investment... which in hindsight makes the fussing over dilution seem absolutely irrelevant. ROI people, that's what matters at the end of the day