No one wants further dilution but another 60mill odd shares...

No one wants further dilution but another 60mill odd shares against our 1.2billion shares on issue is not fatal.
We need capital to operate- clearly, and it makes sense to do so at this stage - prior (we fkin hope!) to Grandis success giving us a bit of runway to avoid weakening our position in partner negotiations etc. Can't even begin to think about the raise we'd have to do to survive if Grandis flops and the associated terms- it would be very ugly indeed.

We can of course bemoan Halli and their stuff up and if it hadn't of happened (or contract terms were more in our favour) we might be in a better situation currently- but the stark reality is we're not, and we're raising (I think) a reasonable amount assuming pending success at Grandis.

I've polished the Wonkerdamus crystal ball but visions were somewhat cloudy- nothing definitive., but the optimist in me can conceive a scenario where we see a new entrant vault straight into the Top 20 register with a sizeable chunk of shares procured.

Who knows eh?....maybe a small insti, HNW or family office type wanted in and Cottee decided to take the opportunity to piggy back that with a raise?