Sounds about right:
They need US$50m for phase 1. A cap raise of A$31m will provide about US$20m. Presumably the remaining US$30m will be debt. 40/60 % equity /debt would be about right.
A$31m at 60c means about another 50 million shares. Total, including options which are just about all in the money, will be about 350 million shares on issue.
Ann: Trading Halt, page-23
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