Lind and MACA already have it, even if they don't really want it...

Lind and MACA already have it, even if they don't really want it which I suspect is the case.

Whether they will want to keep it as a listed going concern is the big question.

That will depend on how much underwriting the brokers are able to do and therefore how much punters money they can drag in.

If BLK can't raise equity they certainly won't get anyone to provide debt. Bankers mission is to "make a success out of failure" They don't have any appetite to try and turn a failure into success. Thats equity's role.
No Equity no Debt it's as simple as that.

They don't have enough capacity to do a placement and they won't want to seek shareholder approval so Its a rights issue or nothing IMO.

Last time it started complete with a prospectus etc at 12c and ended up at 4c

This time it started with a hasty and hopeful 1.5c

Where will it end up ?

They have to get rid of LIND and really need enough to get 50% of the capacity that the $17.5m that the stage one expansion is designed to provide.

P.S. The broker who rang me wasn't at all surprised when I said that they don't handle the truth well enough for me to be interested.