Ann: IronClad to raise $7.5 million , page-13

I think your point is very valid Paul.

This is why i'm keen to revisit the idea of the contractor based financing option that was originally put forward. Hopefully this is still an option at this point.

Failing that, I suspect there will be another farm-in style financing put on the table, but this is difficult with the RSPT issue still floating around.

I think this RRI will ensure there is no unnecessary delay between now and mine commencement, and that is very positive indeed. This interim financing will also ensure that the farm in % will be less as there is less requirement for initial capital.

I dont think IFE will be able to raise all of the 35-40M funds via share placements to existing holders as TRF will not be able to participate without either selling part of its stake, or doing its own capital raising.

I reckon this placement is the cosy middle ground.

Just my opinions :)
Cheers,
Split