Ann: Entitlement Offer to raise up to $8 million, page-168

yes true, Market Cap rises by the amount of shares coming in, so EV is unchanged with the new cash injection. Irrespective its 18m vs 10m which isnt much long term.

I wanted to comment on the view we WILL have further Share Purchase plans, i do not believe this is true

They refer to capital raise in First Ore and Full-Scale however the talking point is "Including offtake agreements etc" - This title of Capital Raise was a very bad idea,




Further, Phase 1 capex is 70m in full and it would be incredibly odd if they only ask shareholders to foot the bill for an entire phase when they have debt options available. I highly doubt there is any guarentee it will be via SPP UNLESS the share price is much higher and equity makes more sense than debt. They certainly wont do it at current prices and under 15% rules they wouldnt be able to achieve that value amount unless GBE is 800m! If however they tap into the shareholders thats fine but the price will be much higher than today = win