look on the bright side, this gives them about $3.6M after fees....

look on the bright side, this gives them about $3.6M after fees. Well lets take away the payment for Cox's Find ($800K), that leaves $2.8M.
They burn about $390K a Qtr on staff and corporate overheads ($780k half year). So they will have just over $2M to spend on exploration in the next 6 months.
$2M should get them around 8,000-10,000m, plus some geophysics which they did proposed in the last presentation. Will be interesting to see where this money flows, which projects?
My question is does this leave then enough to achieve something meaningful for the shareholders in the short term? I don't think it does. They wont go below $1M left in the bank so we are in the hands of the geology gods again with no backup. The SP will now have to contend with the overhang of the options, while the 50M shares fall out of the market between 5-7c.
Would be expecting loads of feel good announcements before Christmas this year as they will need to go back for more $ in 3-6 months.
I think they have put more pressure on themselves with such a small raise. It really restricts the exploration effort. You could spend $2M at S-Star just to try and confirm the resource plus met testing.
They now have $1M to spread this over all the projects to get the market interested, otherwise we might be looking at the next raise closer to 3c. I wish they would take a leaf out of BC8 and fund what you need to achieve. I guess you have to believe you have something first. I am getting the feeling they dont. Well not enough to make it happen. They are just here and now.
Back to the bottom draw for the next 3 months then watch the pump for the next raise.
good luck all and fingers crossed.