Khopchai,
They have had many desorption events, many more independent reports, significantly more advanced modelling plus a bunch of other things that have increased the chance of success over the last 12 months. With that increased COS comes lower risk. Whether they have shown commerciality or not - the risk has lowered.
It has nothing to do with the amount of shares on issue, it is risk relative to market capitalisation.
The average market cap of the company in the 12 months up to the release of the last quarterly was ~$98mil. The high point being $121 mil, the low point being two days ago at $67 mil (a few days ago). Assuming the 64 mil shares just issued were trading we would have a mkt cap of $75mil.
In short, that is a much better risk / reward than it was previously.
Ann: June 2016 Quarterly & Appendix 5B-STX.AX, page-232
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