Hi Carna, you are correct and perhaps I should have been clearer. The company raised funds by exercising options. No doubt about it.
But the point I was making was that often junior explorers rely on that pesky clause in the constitution that allows the board to authorise capitals raising through the issuance of new equity, sometimes higher than 10% of the SOI. To my knowledge that has NOT happened.
The above coupled with the low cash burn is where the gold star is achieved.
Ann: EPA approves ESD and sets timetable for Arrowsmith North, page-114
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