Ann: Kin to Raise $10m to Accelerate Cardinia Gold Exploration, page-13

I would rather the raising was @ .32 with nothing for existing holders, but .25 with a modest allocation is an OK 2nd best. Kin is a small player - it can't call all the shots.

1. The money for drilling is basically in, which means the drilling can happen sooner rather than later, and mining plans revised.

2. .25 is cheap, and we get some, but the allocation to existing holders is small enough not to leave uncertainty hanging over the company about takeup rate, as FBX mentioned. Tick.

3. Oversubscribed means, I hope, directors have been able to pick and choose how to allocate shares. Maybe filter out those likely to dump their cheap shares, based on track record. Hope so. Probably limit the number going to any one entity, to reduce the risk of losing control of the company. I want the company to stay focussed on becoming a mid-sized producer (rather than looking like a takeover target).

4. Holding my nose, the difference between raising 10 million and 15 million, or issuing 40 million and 25 million, is marginal in the scheme of things.