Ann: Non-renounceable Rights Issue Offer Document, page-20

I think you've nailed it Tin wins - well described.
I for one will be taking up my full entitlement and have been very pleased to accumulate more over the last few weeks to make it a bigger parcel.

As Happy Chappy has alluded to, the 12 million is only for bringing Makabingui into production. All other exploration must be separately funded and it gives me a great deal of confidence that some of the funds are not only destined for Konkouto drilling but Makabingui South as well. Makabingui South being the geologists number 2 target and already included in the Makabingui permit.

IMHO the company is well aware of what additional benefits the proving of these prospects will bring for shareholders and would not want to delay the exploration of such high value targets. This will allow exploration to continue steadily and once cash is being generated the drilling will really light up.

Cheers
IO