I can't get the numbers to work on the cap raise anymore.My...

I can't get the numbers to work on the cap raise anymore.

My assumptions:

- AUD silver price $24;

- cap raise needs to be done at at least a 25% discount to the prevailing sp (ie 6cps);

- maximum dilution 25%;

- Oct-Dec production 480koz;

- Jan-Mar production 570koz.

And yes, the POS may be higher, production may be higher, issue price may be higher, but even so, you would assume that shareholders would want some sort of margin for error before they took up rights.

Guess its also possible that Magna would underwrite the issue even though they may be the only shareholder to subscribe .... does its management get around in red suits and white beards?

GLTA