EMI could be to show Taurum and other oufits that mining operation will show fruit confidence for credit facility setup before raising equity portion. Equity portion could come from a buyin from larger producer. Wingfield might want more. A few of many potential outcomes to financing the project. A CR at these prices is just one possible scenario. We dont know how it will play out but management should consider the dilution since they are amongst the largest shareholders.
Ann: Wits Basin Scoping Study, page-227
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