In response to sjl I think you should broaden the context in...

In response to sjl I think you should broaden the context in which this is all considered. There may be a large variety of reasons why shareholders may elect not to take up their entitlements in a capital raising - not the least of which may be "missing" shareholders with whom contact is lost.

There was a 45% take up of shares to which shareholders were entitled and from what I understand shareholders applied for approximately 1.4 additional shares for each entitled share.

In my estimation this effectively represents a 136% over-subscription rather than a 10% over-subscription and in the current adverse market conditions for small cap miners this is a great result.