Nice Move!, page-57

That is just blatantly wrong. They raised $20m at 20c when we were trading at 22c. They should have taken $60 but ohwell. They still raised at basically the equivalent of 60c for PLS (and for those who think PLS is worth more than 3 times AJM well they did even better).

The SPP was done to give existing holders a fair go. How did management know at the time PLS and AJM share prices were both going to get slammed and it would be trading at under the issue price. $3m is going to make very little difference to the company and as such why would holders participate in the SPP vs buying on market?

They probably have $40m more to raise pending available debt and further funding from BOA/Lionergy. Even at current prices they could raise that in a 1:5 rights issue and give holders a 24 month option exercise-able at 25-30c at 1 option for every 2 rights shares. Raise completed and holders would be happy imo.

Cash raised and AJM first to market. Watch it happen.