PFS is due late November, tomorrow is the last day. Super last...

PFS is due late November, tomorrow is the last day. Super last minute now. While the entitlement offer was extended beyond the date.

Raising just before it was due, after they went on a roadshow and talked it up is a little on the nose - clearly trying to pump, but you can get passed that, its business and part of it.

Raising terms with steep discount and a bunch of options to get the sophs to buy and dump, again part of the microcap world now - capital is hard to get.

In isolation you can get passed these things individually, but all together it points to them not being confident in the PFS.

I could be wrong, maybe they did the SPP and entitlement to get their mates cheap shares for the good news - but it doesn't look great.