At this point no one has replied to the CR. In terms of what the...

At this point no one has replied to the CR.

In terms of what the money is for I am content for more exploration work. And if the maximum amount is raised then management is looking to do some substantial work. My concern is the doubling of shares on issue.
While the SP level of the raising is crap and there is little we can do in the short term. long term that is a fair amount of shares on issue and the expectation of a SP rise and then a consolidation in the future to bring the number back down after maybe one more CR in the future once this lot of money is spent.

Also interesting the aim to reduce the number of holders substantially which will reduce the administration costs.

Also noted he raising has not been underwritten, which I assume that any left over shares will be offered maybe to sophisticated investors? I assume management have a backup plan for this?

Obviously outside the CR there is activity going on and maybe a release of two before its closing date?