Not sure what the debt to equity ratio would look like for Tomingley but around 60% debt would not surprise. Hence dilution with say 50m shares at $1 would not see sigificant price pressure.
Slight downside in this scenario is the need to forward sell production - say 60%. Might pay to take a punt on the A$ (bankers permitting) with its recent strenth.
By my calcs this would generate free cash flow of around $30m per annum (not sure about tax) - worth doing, relatively low risk and would defray some of the DREE costs.
capital raising, page-14
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