Assuming the numbers are true, the SPP is successful, and the options are in the money (I know, a few "if"s), they will raise $10m which is on par with the last two raises.
Those who participate in the SPP can minimise the dilution if they choose. Anyone else who wants in, has to buy on market.
An interesting structure. In one cap raise, they mitigate the risk of failure in a difficult market by splitting it in two. I'm sure they were hoping to have announced another project (see analyst report) before the cap raise. That didn't happen, so raise half now and half later.
I look forward to seeing the details.
BLG Price at posting:
1.6¢ Sentiment: Buy Disclosure: Held
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