The annoc today is 2/3s of the way to the $45m they require to build the plant and get the project up and running.
With Mac Bank involved the other $15m should not be a problem. Or is it?
The recent SPP was well and truly oversubcribed.
With that in mind the board ( Bligh ) should have little trouble in raising the rest.
What they are attempting in my opinion is to gain a premium that is acceptable to everyone.
Just look at BAU they placed shares at 50c when the SP was in the 30's. They also are yet to mine.
IDM's SP is now the hassle, at under 10c it's hard to place at say 20c.
The other problem is these sophisticated investors like to get shares at under the current SP so that they can make a quick buck.
IDM ie Bligh have their work cut out here and dilution is the boggy man.
cap raising?
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