Ann: Share Purchase Plan Booklet, page-10

Yes, I was terribly disappointed to see such a small proportion of the CR was allocated to retail investors. It reduces the risk that the company will have to dispose of a shortfall, but it makes it very hard for us retail numpties can swim against the dilution current.

On the plus side the company has limited the aggregate total of new shares issued to a holder to $30k, regardless of how many separate holdings the shareholder has. So those with a retail holding and a super holding can only apply for a total of $30k, not $60k. I would hope that the company interprets this so that sophisticated and institutional holders who have already participated in the placement will be prevented from also participating in the SPP.

The company has also reserved the right to vary the terms and conditions of the SPP, so they have the right to increase the cap. Excess funds could be applied usefully in a number of ways such as retiring debt, accelerating development, or accelerating exploration.