Well, announcement and reopen tomorrow. If it's a $3.5m raise at 4c -- and I have no reason to distrust @contraindicator -- the fully diluted share price is 3.2c.
If it is purely working capital and not for a specific transaction of equivalent value I will be seriously disappointed.
But I would be enormously surprised too. The timing of this raise makes absolutely no sense for working capital. It won't take $4.5 million (counting in start-of-quarter funds) to finish the drilling and publish a main JORC resource. If it's just working capital we need then we could top up and, publish our (hopefully) huge resource, let the share price re-rate up several notches, and then raise development capital.
Something's afoot...
Ann: Trading Halt, page-18
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