Just got off the phone to the broker, raise will be done at 0.0045c to raise approx $2 million. So about an extra 500 million shares to issue. But this is not to retail to Sophisticated investors only.
The issue he said was the money hasn't come in from TOK yet of $500k. Also heritage clearance isn't cheap so the decision was made to raise now to have ample money for a drilling program or two.
Drilling is planned for the start in August. Primarily focused initially on Godzilla with some drilling to be done at Avenger.
Can't say I'm pleased with this but it it what it is. In the long run it might not affect us too much if we hit pay dirt. The $2 million could go a long way to increasing our MC.
I just hope they don't have to do a next raise at the end of the year and sell those TOK shares as Brian expressed to me earlier he'd love to sell them.
LNR Price at posting:
0.6¢ Sentiment: Buy Disclosure: Held
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