That's an interesting conspiracy that doesn't pass a pub test....

That's an interesting conspiracy that doesn't pass a pub test. If as you say they wanted to minimise the capital spend in order to get finance why would they need to announce it to the market?? Do you think lenders make their assessments from ASX announcements??

What this announcement shows is that they are confident and decided to put their balls on the line through an announcement.

Whether financing will come from debt, options or equity does not matter at this stage because the management have been derisking their alternatives.

The reason why every shareholder should vote for the capacity to raise resolutions at the AGM is that it provides an alternative to debt funding. A 25% capacity is around $15mln on current market cap.

If we as shareholders approve the capacity to raise then the management can say to the potential creditors - "if you are unreasonable with your terms, we will raise on market".

That is a fantastic bargaining position to be in.