That second tranche wasn't rejected by the board, it was the shareholders, voting in the meeting.
Is the primary issue that recent capital raisings, structured around a broker-driven approach using a typical VWAP benchmark of 5 cents, have been placed at significant discounts of 3.5 to 4 cents. This structure incentivises new investors to quickly sell their positions for immediate profit, creating ongoing downward pressure on the share price.
A key strategic challenge, therefore, arises: how do we secure a group of committed, long-term investors who will support the company’s journey through mine development to achieve substantial, sustained returns?"
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