Ann: Successful capital raise by White Graphene Limited, page-8

At least in the more recent AMAG announcement, there was some room for backward
guestimation calculations as I shared there (link). This announcement gives us pretty
much nothing to work with.
Nevertheless, what I do know.
According to the notes I have, WGL's last cap raise was for 1.96m in Sep 21 & valued the
company at 36.76m

The more recent annual report (pg. 4) states:
"the White Graphene capital raise of between $3.575 million to $8.575 million that is
currently in progress"
and (pg.9):
"...now in the process of a further capital raise which will value WGL at around $75 million.
The funds are intended to be used for the construction and commissioning of the commercial
scale plant, further research and development of new materials for transport and storage of
hydrogen and new high-performance coatings, and commercializing new White Graphene products.
After the capital raise, PPK will own a minimum of 51.8% and BNNTTL will own a minimum of 7.7%"

If this raise was indeed completed at a valuation of 75m, I would think it very neglectful
of the company to not restate this information and I can see why the assumption could
be made that they could not raise at that valuation. On the other hand, I would also assume
(with more of a degree of certainty) that PPK would not have been willing to compromise
on a majority holding post-raise. Even a valuation of 45m would re-emphasize the disparity
in share price and the "value" of PPK's holdings. I'd be overjoyed to hear it was at the
pre-stated valuation, I have no choice but to be a skeptic for now.

Despite my frustration with management's level of disclosure and communication, my
sentiment remains "hold" for now, though I am considering moving some of my current
position over to LIS, which has not been as disappointing from that perspective and
seems to be making nice progress in every way except for its share price...

GLTA