If it were a capital raising i couldn't see it for a large percentage, I doubt the MD and Noble would want the dilution at these prices.
they have enough working capital for now, all the big capital expenditure is done for JORC, MDL and EOI for port and rail.
once they start getting allocation their are a heap of options to raise the capital for mine and infrustructure.
jorc resource upgrade due and coal demand, page-15
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