Ann: SHARE PLACEMENT, page-5

I don't hold yet but THIS is a perfect example of a competent mgmt team raising capital at progressively higher prices, so as to minimise dilution to shareholders. They could have easily done a low-ball placement (like so many other nanocaps) at 1c and had 300-400M fpo on issue now, but instead have got the sp up and placed shares, more or less, at-market. Mgmt continue to increase their holdings.

The soon to be registered WPIO series is also pretty exciting in terms of offering a highly leveraged play. It does remind of VTX/VTXO.

I suppose the only argument could be, why not wait till an Acq is made before raising any more capital, however, given the low cash reserves, mgmt participation, at-market CR price and still low # shares on issue, I think they can be forgiven.