this appears to be a useless announcement at this time and...

this appears to be a useless announcement at this time and nothing to do with the capital raise.
most likely reasons for this announcement at this time...

(a). the expenditure commitments (form 5) on the underlying exploration licence (the new mining lease covers part of the exploration licence), is due in two days time on the 14/6/24. the expenditure requirement is $70,000 and if applicable this expediture would be part covered by the "upgrade" report.

(b). they might be tidying up the books prior to a divestment of "non core assets" into a seperate float.(and leaving any remaining debt with kat gap)...if they could get say 5million worth of shares by divestment they would go a long way towards clearing debt and having a net positive valuation at kat gap.

note: if there was no other expenditure applicable to the underlying exploration licence, (i am not suggesting that is the case), then it would be liable to plaint and possible forfeiture, but i'm not suggesting the tenement manager hasn't got that under control, g'day nathan (wink wink).