Don't disagree with your comments on rights issue. Having said...

Don't disagree with your comments on rights issue. Having said that I have seen them work effectively. Guess it depends on what sort of update and projections Management come up with.
For example - scenario as follows
1) if they can confirm binding offtake is to final contract and they want to proceed with Credit raise to eliminate the time delays to African bank funding.
The capital raise will then assist to ensure product for 2025 season to off take customer.
2) cash flows are then solid and they may attach some free options at higher but attractive price in say 12 months. They could discount from current .05c price to make attractive and compensate for further risk.
Just hypothetical example but it might reduce selling from current holders to take up credit raise and create value for rights if you cannot or don't want to buy into the raise then you sell your rights and they should have some intrinsic value at least compensating existing shareholders for some dilutionary costs.
I think a rights issue gives all current shareholders something to consider rather than just sophisticated shareholders.

I guess it depends on the future prospects the management is selling.
DYOR - good luck to all holders.