I note CSM's notice of "change in substantial shareholding" -...

I note CSM's notice of "change in substantial shareholding" - the 55 mill placement reduced their holding from 32.55% to 27.59%, as well as diluting our holdings.
I still cant figure why such a large placement had to be made now and the sp is reflecting the uncertainty in the market.
We raised $58.4 mill.
The commitment to Benambra for the "first 5 years" is $19.6 mill. So we dont need all of that now. The first year's costs will be mainly administrative apart from some drilling.
Pay of the debt facility? That could have been done from cashflow from Jaguar if they could have concentrated on getting that up & running.
Targetting Teutonic Bore as their second mine?
How?
The open cut, decline & all u/ground workings are full of water. Their plan A was to dewater that by using the water in the Jaguar mill when production started and then drill the Teutonic Bore ore zone from underground to cut the huge costs of deep drilling from the surface.
That made sense, and the costs would have come from Jaguar cash-flow.
So what do they really need all that cash for now?
I dont doubt everything will come about eventually, but I do question the apparent huge cash-burn and the need for it.........not to mention the dilution of the value of our shareholdings.

GZ