why do you say more to be placed Doc? The cash position will be...

why do you say more to be placed Doc? The cash position will be over $2,7m after this placement.
The additional 1,9m capacity referred to in the announcement is simply the result of not placing the full 40m allowed at the present time. They are only placing 38m of it. I think that's just to result in a round 100m shares on issue. No other reason I can think of.
Therefore, I can't see any other future raising unless MW picks a monster acquisition! BLZ will already be the richest of all MW shells.
I agree though that it would be heartening to see MW add substantially to his present holdings thru this placement (although we all know he'd get director options one day if/when he joins the other two Cicero directors on the board which is likely to happen sooner or later IMO).