Why raise more than you need if you believe the SP will be higher down the track? That would just create unnecessary dilution for shareholders.
Why raise more than you need if you don't think you'll need more in the near future? The uranium spin-off will encourage a large proportion of option holders to exercise at 10c per share.
Even if only 25% of the listed options are exercised that will bring in around $5M. This could happen in the next month or two.
Ann: Placement Raises $3 Million, page-24
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