I am yet to read the Notice of Meeting, but make the following observations.
- Announcement on 9/6 stated cash on hand of $100.9m as at the end of May.
- The company needs to issue a minimum of 231m shares in the capital raising to meet the 80% free float rule, one of the re-listing requirements.
Funds raised from the issue of these shares will increase the cash balance further.
As mentioned in last quarterly report, they are completing $15 m worth of works on a creek/road. This will also increase the life of the mine.
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