Going by the VWAP it's clear to see sophs have been behind the pre-TH drop in price, the VWAP for this raise was 52c, preceding 5 days was 57c.
Plus they got almost 10% discount, that says it all.
If ARL needed cash dedicated to gold, why not ONLY raise through current holders. In times of desperation you could understand having to look elsewhere (sophs) plus having to give them discounts.
But ARL are on the front foot, IMO this could have been done a lot better.
Ann: Successful $3.5M Capital Raising, SPP to follow, page-7
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