According to the above its $20m at 17c a share with a free attaching option. They have $8 million committed and are looking for 3million in a SPP from shareholders. That leaves them still $9million short based on the article.
20mil at 17c a share is 117mil shares. If each is coming with a free option add another 117 options. Dilution of 240million shares providing the oppies are in the money and if we throw in the 7.5m free options the MD recently got (average exercise price of 20c). Given there are 631m shares on issue (810m fully diluted currently) its a 30% dilution based on the 810m its 38% dilution based on the current outstanding figure of 38%.
If they get the full $20m then I think 17c is a pretty good price. It will depend on the price of exercising the option tho. And if they don't raise the full $20m then that is not going to be good.
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