That's a cheap price, but if we assume it is the full $8M in the raise and the full $2M gets taken up in the SPP, that's $10M so will be 74M shares issued @ $0.135. Considering there are 1.4B shares outstanding, that's only 5% dilution so very little pain for current shareholders. So the raise is clearly just a bridging measure until they're ready for the full mine finance deal as they don't need much cash - just enough to keep the lights on and the drill bit turning.
