Agree with your thoughts Roo, though of course I don't like...

Agree with your thoughts Roo, though of course I don't like dilution, I..... Hate.... Debt....
So to not be at the behest of lenders is a for me the No.1 priority. Perhaps some have forgotten what SPR/GCY looked like when SL took the helm....

Whilst it will likely take me a day or two to move on from the raising, I can already start to be constructive with the details that @sabine and others have shared. Discount is small, albeit I would obviously have loved to see no discount at all, considering that SPR is basically, the premier discovery/asset in W.A, even when you include DEG.

That being said, what's done is done (I imagine it was a very long and challenging discussion about whether to raise more or less, perhaps just $100m with a further raising in the furutre, or... just "get it done" - I imagine SL saying something like that).. Better than raising at $1.10! The 166m extra shares is a little over 10% dilution, however, it should see SPR sitting on just under $290m in cash for progressing the drilling and mine/plant development without any impediments finance wise.

After the raise, they will have 1.273b shares, at $1.32, the market cap will be $1.68b, with an E/V of $1.4b. Shorters can no longer play with SPR.
Even with the huge drilling campaign planned (and as I showed yesterday, going to be expanded, particularly with more drill drives and rigs), SPR will likely sit with $250m+ by mid/late next year. Though as you point out Roo, the brakes can be released with spending on long lead items put on order etc.

CMM have proven, that if you have a proven team, whilst studies are important, what matters most is the people you have running the development, and I believe SPR are well served.

Will be interesting to see if RMS asked for extra to get to 19.99%.... who else might jump onto the register?
My guess is they asked, but got told no... fair for all those participating (but we will see).

Looking forward to asking SL and the team what else they would like to do, but.... have held off until now (all things)...

I cannot help but wonder... in almost all of the corporate moves made in years past, they almost always... occur after insto's get in for one final raising (just how the game is played, I don't like it, but... it is what it is).

Above all... more $$$$ means more drilling and I am greedy!