Yes, I can see a placement being done before the OZ JV drilling. And as you say - issuing another 25m shares at 10c to raise $2.5m cash.
Issued capital will then be 235m shares (and apx 9m options).
At say, 11c, this gives us a fairly hefty market cap. of 235 x .11 = $26m. A lot for an explorer (but we do have Maronan).
Yes, I can see a placement being done before the OZ JV drilling....
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