only if you don't take up your allotment of course...I actually...

only if you don't take up your allotment of course...I actually think it's not too bad, given the actual $ amount is quite minimal and they'll burn through that very quickly in all reality.

So unless they want to continue to come back to market then it's a silly amount to raise. I think it must be a gap raise to JV funding Elan South, especially seeing this:

"Discussions on-going with potential investors to jointly develop Elan properties with some into due diligence review stage"

My read of this is that there is some exploration work still to be completed to satisfy due diligence review of the potential JV investors. The raising seems so small in $terms given the position the company is in, i.e. the perilous capital position, hence, Elan South is where it's at and money still to be spent to satisfy investors. If you believe in that, then you'd best take up your allocation and maintain your shareholding, like it seems, all the big investors will be. Whereas, if you think it's a last throw of the dice, then run a mile...

All IMO.