IF the 'material funding transaction' involves a placement, IMO...

IF the 'material funding transaction' involves a placement, IMO SIMEC / Another would need to pay a significant premium. Try buying ~ 30M shares on-market and see what that does to the SP.

A precedent has been set in September 2011 when 'MMG agreed to take a placement of 4,000,000 Havilah shares at an issue price of $1.25, raising $5,000,000.' Source: ASX release 6/9/11. The prevailing SP was ~ 50c.

Dr Giles is the only surviving member of the HAV leadership team that negotiated that placement with MMG.

FWIW $1.25 ps implies a valuation of $273M (undiluted; $304M diluted), a steep discount to various valuations of HAV's existing JORC resources.

IMO any placement (of up to ~ 30M shares) to SIMEC/ Another should be north of the $1.25 ps that MMG paid. However given the track record of HAV’s current leadership we shouldn't hold our breath.

DYOR