Ann: Trading Halt, page-284

When that 1st Fin Review article came out On Dec 1st, the Board would have done a ring around - what do we do about this?
The Board would have decided the response.
They are probably technically correct, I don't think it was in the spirit of disclosure, though it did mean we raised at 67c, otherwise quite likely 57c!

Complaining to the ASX or ASIC - a complete waste of time
The number of times I've heard shareholders say they're lodging a complaint over the last 30 years or so, would be in the hundreds, not once have any of these complaints accomplished anything - but if it makes you feel better, go for it.

I think your outlook on this placement very much depends on whether you plan to be solely a Leo holder or a FFX holder after the de-merger. If you intend holding both you'll be somewhere in between the 2 points of view I put below.

If you're a Leo holder
Your in-specie distribution is now being distributed to 15% more shareholders. On the flip side, when you sell your FFX shares you'll probably get a better price due to their cash backing & lack of debt. As you don't intend to hold FFX, you don't care about the prosperity of FFX. From your point of view this is a waste of money as the vast majority is going to the gold business.

If you're a FFX holder
As above, you'll have a smaller allocation of Leo shares to sell. For FFX to raise the same cash (allocated to gold) post demerger would be highly dilutive without the Lithium asset (except for 20%). The market cap will be significantly lower, any debt financing will be more expensive. So this raise is a good thing. From your point of view (as stated by Doc Al) the Ganfeng JV would not have happened if not for Morila. MLL was a $50m company before the acquisition and received many low ball offers, being a stronger company enabled a better JV deal earlier than otherwise would have happened. So you think the Lithium side should help secure FFX's future.

Personally I'll probably hold both, not necessarily in the same proportions - I'd be overweight in whichever I considered to be more undervalued.
Yes I'm disappointed with this Cap Raise especially as they denied it 7 days ago. Long term I think it will be very beneficial to FFX, Leo is going to be very big, in fact so big holders won't even notice the 15% dilution - with some of these funds going to Leo anyway.