IMO, the $8mill allocated to 'normal' shareholders will be scaled back as it will be way oversubscribed from recent sellers who think they can buy back in at the much lower 4c SP price. I sold some when the announcement was made thinking the SP would drop to 4c of below and/or I could buy my $30,000 worth at 4c but I'm not so sure now. Those favoured shareholders offered the $22mill placement will end up owning a much larger % of the company at the expense of 'normal' shareholders. I guess that's fair enough in a sense as they've put in funds at each of the previous cap raises too and have alot of skin in the game. I guess they probably have a much better idea of how things are going to go in September too when plant is meant to begin operation again.
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- Ann: FIRM COMMITMENTS FOR A$22M PLACEMENT AND DEBT RESTRUCTURE
Ann: FIRM COMMITMENTS FOR A$22M PLACEMENT AND DEBT RESTRUCTURE, page-83
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