I've been calculating things based on a CR/convertible note at 25c, and total funding required at AUD $31.7m.
Assuming $13m debt funding, leaves $18.7m funded by equity / note, meaning 75m additional shares. This would mean a diluted register of about 173m.
MC of $100m would be 57.8c with 173m register (not factoring in the debt)
While it would be great if the raising was @ 30c, if CR is to instos and sophs, they generally want to minimise the risk and CR will be a bit lower.
However, I certainly don't have an issue with the outcome even if it's at 25c, which may be conservative.
I've been calculating things based on a CR/convertible note at...
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