Ann: Entitlement Offer Booklet, page-23

It is in a great position, i agree, however it is still yet to produce any material results that it will acquire funding/move forward as a miner. So from that point of view i have my hesitations. MOU's aren't worth the paper they're written on.
This wouldn't sting as much if Tim didn't say they wouldn't be shaking the pan at shareholders anymore, just a few months ago.

There is enough uncertainty in the markets and global stability as it is, i don't need the run around from management too.
As someone else said, drop a sweetener ASAP to entice me as a shareholder and then ill participate in the purchase, but until then its just financially a bad decision when i can buy more for less on market. I mean they didn't even throw out options this time. Feels like a raw deal.

If the purchasing doesn't meet the levels they need they still have the opportunity to have it underwritten, so I'm not concerned about uptake.