This wording says to me that TNG is prepared to offer more...

This wording says to me that TNG is prepared to offer more shares at a discount to institutional investors as it goes. Institutional/strategic investors who simply buy shares on the market will change the share register composition, but they will offer no real value to the daily running of TNG, as that money doesn't go to TNG. But creating new shares to sell to new insto will offer material benefits to TNG, albeit diluting the individual share value. The word material was what TNG used in the TH.

I think at this stage in the game, more working capital for TNG is a good thing. I don't see why PB should care about the SP fluctuations at this point, as long as it doesn't fall below 8c.

The eventual SP as per NPV when TNG becomes a producer will sort itself out and shouldn't change with short term fluctuations like this. The value of the stuff in the ground hasn't changed, and if anything, the risks are now less, with more working capital onboard.

But there are some negative implications:
1. Is management looking at a likely cost blow out and that's why we needed this and all the implied future CRs?
2. Is the potential cost blow out a result of delays in future milestones?
3. Just how diluted can the SP get with all the future CR of this type?
4. Drops in SP is bad if TO offers are on the horizon. A TO doesn't provide TNG with any working capital, so whoever is taking over will want as big a discount as possible and negative market sentiment helps with that. They will then need to shore up the money to actually develop the mine, so a saving on TO helps.