Ann: Oversubscribed $3.5m Capital Raising, page-10

Yes, I understand the process. It's just that the size and timing of the raise seem out of whack... particularly when the projected outflow for the current quarter is $1m. We definitely needed to top up. Running the bank balance down to zero is a recipe for disaster. But raise of $1m now at 4c/share followed by a raise of $3m later at 10c/share (supported by a ~1Moz economic resource) would have been infinitely preferable!

I don't get your first point. Golden Rim are raising money to put in their bank account. If sophs wanted to buy $3.5m in GMR shares on the market, how much of that would go into their bank account?

I agree, it's a clear sign that they don't have any strong imminent interest in Paguanta.