No one argues that a CR was necessary. In fact I'm okay with a...

No one argues that a CR was necessary. In fact I'm okay with a CR and I'm okay with it being offered to sophis and I'm okay with options being used but...

The price is at a 20% discount to the 15 day VWAP (0.024665c)  and there are free options which would have been in the money in September after the first announcement on Phase II drilling announcement.

Using the closing price on Thursday is smokes and mirrors bullshit to try and water down the discount. Why not say 2c which is a 5% premium to the intraday low of 1.9c. What a deal for shareholders offering a CR at a premium to the price!

If you exclude this week which I think has been clear manipulation by management to drive the price down and strike a lowball offer for their sophis mates and take the ten day VWAP from last Friday (0.028856c) it's at a 40% discount.

Alan clearly waited until after the AGM to pull this deal. He knew he ran the risk of a first strike. It's really dodgy and I think he's a slimy director and I'm still in a frame of mind to put the questions to ASIC. I'm going to give him the opportunity to talk me out of it should he return my call.

PS your 8% dilution is incorrect. They will be issuing 50m new shares and 25m new options. 75m securities on top of 580m outstanding is 13% dilution.

The exercise price should be at least 10c for three year options, given they are freebies probably more.