Apparently they've raised $3.5mln from company contacts only, and they were heavily oversubscribed.
Any success should see the 8.5c exercise options taken up, which should see them with enough cash for sometime.
It's worth commenting on some of the negative points made here by saying this: the highly experienced people running this company have created enormous wealth before by recognising good potential tenements through geologists who've been working in Australia for 50years. They know where to look, they get the inside word from previous drill campaigns, and they recognise assets that others have overlooked. Then they support the company, keep the register tight, and prove things up.
It's a good lesson on what to look for in a team behind a spec miner. The majority of companies in the space are run by people who only wish to line their own pockets.
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