It's a small raising only which personally I'm thankful for. I'm going to look at this from a half glass full perspective. My view is that the small raising has been done as the directors know full well what they are sitting on here and they are just not prepared to do a bigger raising at such low prices. Good on them . The dilution is minimal. It could also indicate that negotiations in other forms that do not dilute, as previous reports have indicated, are moving along positively and that these will form the basis of the next capital backing (and price hike I suspect). $3 million or so isn't going to last long so this is my spin on why this raising has only been minimal, and to keep concerns about being an ongoing concern at bay. I could look at it negatively and say this is all they were able to raise in a tough lending environment and the Directors were forced to cough up the extra. But I'd prefer to think this project is good enough for this not to be the case. And as I've said before, technically, since May this year, price and volume attributes scream accumulation to me - and medium to longer term this is a bullish scenario. cheers. E.
AFR Price at posting:
15.0¢ Sentiment: LT Buy Disclosure: Held
