From my observations on the market, 99.5% of capital raisings in nano/microcaps is for raising capital to burn on exploration/business costs.
The capital raised is a % of the company's MC. 5, 10, 20, 30% of MC
This isn't one of those situations.
They are going from a MC of AUD$100m to (possibly) around AUD$1b. That's perhaps 10x, not your standard raise.
Having said that, no idea what they will raise at. But the standard rule/logic it will be raised at a discount to current SP (whilst that may still eventuate as can never rule anything out) you wouldn't think to apply here
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