The obvious conclusion of the they may raise more is bad for us....

The obvious conclusion of the they may raise more is bad for us. the current bit is a micro-raising IMO.

However, we need to think of the reasons why they might raise more in light of two elements:

1. Management hold shares themselves so will want the SP to go up not be unnecessarily diluted
2. what advantage can be gained by the action.

I believe the advantages are:

1. they want to get more sophs/instos. on board to help with the determination of which option they will take in the much larger strategic corporate decision due.
2. we want the muscle of those instos. to offset Zijin's muscle. The insto's may act in concert and they may have told XAM management of their preferred allies (after accepting this part of the raising Aka wetting their beak).

You have to give to strategic allies a taste or position in the co. to get them interested and on our side esp. if a further raising is required to exercise the option of XAM raising finance. Some of those parties will hold Zijin shares themselves.

I have been in this situation before myself recently with RXM. Fortunately/unfortunately it led to a full T/O by Mach. It's the reason why I'm now here in relatively more force. Having the PFS out makes me more certain/ confident.

Sorry if I've been too wordy.

All IMVHO.