CAI currently has a market cap of $116 million which is...

CAI currently has a market cap of $116 million which is ridculously low for a new gold producer, particularly being in a strong gold price environment and current production being at 66,000oz with a planned increase to 130,000oz pa.
I would imagine a large portion of the capital raise will be used to reduce debt, which should ease the debt issues hanging over CAI.
Without the debt issue CAI should have a market cap of at least $300-500 million. Lets say they issue another 150 million shares, it then increases the total number of shares to 600 million, that will then take their market cap at a 25c share-price to $150 million, still very cheap.
IMO without the debt issue it should re-rate to at least a market cap of $300 million which is a share price of 50c. Wouldn't be surpised we see a rally soon after the Capital raise is complete, to 40-50c.
At these prices I wouldn't be surprised other gold miners are looking at CAI as a possible takeover target, or even ALK, they could be a 200,000oz pa producer overnight without the need to build the 2nd processing plant.