Ann: Carnaby Successfully Completes A$20M Placement, page-21

I don't hold enough to not be able to maintain by % ownership by buying on market, most people on here are in the same position. If this company has proven anything since their last capital raise, it is that they have spent the money well and have significantly increased the resources that they are drilling out.

When investing in an exploration company that does not have any revenue stream (ignoring Tick Hill), capital raises will be necessary for the business to grow and develop its leases. The timing of these raises are critical, the share price dropped to the 70s last year for no other reason than market sentiment so opportunities to raise above $1 shouldn't be missed should sentiment turn between now and the definition of our maiden resource.