Ann: Renounceable Rights Issue to Raise Up to $3.2 Million, page-2

So an interesting Rights Issue with the following points:

• Rights issued at 6.5c as 1 for every 4 shares held
• record date 6th of May
• Rights are renounceable and will begin trade on 5th of May
• for each two new share issued under the Rights, a free option @ 13.5c expiry 30 April 2023 will also be issued
• Brian Johnson who holds 70 million shares has indicated he'll take up 6 million rights shares ($390K)
• proceeds used to fund Cuban projects

so a few interesting things here:

• Brian is still happy to be pumping in more Cash into the future of the company
• it seems that this source of funding is preferred rather than disposal of the fully depreciated processing plant, which will have an approximately $20m working asset value if re-built to process the Cuban mine material