Ann: NTL successfully raises $4.69M-NTL.NZ, page-36

From the rights issue announcement 17/05/2016 - points 1), 2) and 3) are all related to bulk sampling. We know this has already begun as per raise announcement 05/07/2016.


5) relates to the Rahu JV and NTL's obligations which based on the announcement 28/06/2016 which only trigger when Newcrest spends $5 million on the Rahu Porject.

4) and 6) are a bit more open ended (ID additional resources and "Working Capital Requirements").

Given 1/2/3 are already underway with funds raised & 5 isn't required yet - I would expect the shortfall not to be placed (unless something in 4/6?).

If AMER wants in for the shortfall there are hoops to jump through. 3 months from end date isn't enough for controlling stake unless both a) they have already started working out the details and b) some announcements come soon. The 'carrot' of cash subscription and guaranteed cash profit underwrites isn't enough to justify (IMO) them getting in at 0.5c. NTL is in a good position to achieve profits in any case over the next 3 years.

Either way Hill just tipped in $150k on top of his holdings so I doubt he would shoot himself and his shareholders in the foot. Any big change is going to require shareholder approval.