I have no problem at 50 to 100m shares being placed at no lower...

I have no problem at 50 to 100m shares being placed at no lower than 5c. Talk of management credibility not offering everyone a go in the placement is hypocritical. You had more than enough opportunity to grab some at 5.1c on Monday. As someone else said, get it over and done with and all shareholders will benefit.

Why do we need a capital raising someone has asked? Simply put, the company will be out of money after the February Redhill Sth drill. Would you rather they do a cap raising straight after that drill (which on the balance of probabilities will be a dry hole, and thus at a much lower price)? Risk management dictates they do it now and protect current shareholders interest by issuing shares now and transferring the risk of the drill to these (potentially) new shareholders.