Ann: Oversubscribed $3.5m Capital Raising, page-9

If sophs wanted to buy $3.5m in GMR shares on the market the share price would be north of 10c, but instead they are given away by management at 4c. I understand the need to raise capital but 43.5% dilution to existing holders for "working capital" when they have no plans other than "more drilling in the south west" is a slap in the face to existing investors.  I would rather have seen a smaller raise to get through the next quarter when hopefully the Maiden JORC news would create a catalyst for a share price re-rate.

Also, im thinking that by raising such a large sum they clearly are not expecting a transaction on the Paguanta Chile project anytime soon?