I would say, given they are currently trading at 13 cents, it was not possible to raise at 18 cents. Pretty obvious stuff for the astute investor, ARE YOU ONE?
The issue has a preference for existing shareholders prior to any Commsec investors getting any. From what I can see of the quarterly they have no money so CBA didn't sucker them at all they needed funds now not in September so CBA gave an advance, to be paid back by capital raising.
They don't need $3million they need $15million to complete the exploration on the bauxite project to get it to 450 million tons. It states it in the announcement.
66% of the offer is available to existing shareholders on priority placement so it is not as dilutive as you say. it is basically a rights issue 2 for 1 for over $10million of the 415million being raised.
Can't help you on the reimbursment don't know what you are talking about. Is that public information?
VAN Price at posting:
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