This is true Chris. No argument. Considering where the SP has...

This is true Chris. No argument. Considering where the SP has been in recent times, getting another round of cash on board to fund drilling with underwriter assistance is a good result.

Yeah, ok @ $3 a pop it's not a huge discount. However it's pretty much in line with some of the other ones that I've seen recently. (7.1% dilution : 7.1% discount is nice to see. It doesn't always happen that way.)

Fact is though, I'm not a client of any major institutional dealers. Thus, is it fair that their clients get access to this discount whilst I do not?

This issue I find rather frustrating, because over time if your a long term holder like I wish to be, you are continually being diluted out and have to go 'on market' to reclaim ownership percentage. The fact that I have to go on market isn't fair in itself because I will experience transaction costs. Those getting the placement will not.

I understand the reasons behind it and sure they make sense from a business perspective. You have to keep the cost of capital down, these placement methods are effective at doing this.

I quite like the method that NXT used in it's last raising whereby it was a mixed insto/retail offer. Have a look into it, I think that you'll agree that it achieved the financing goals the company needed and did it at quite a low cost overall. A bit fairer in my opinion.

At the end of the day, I would have bought an extra 7.1% @ $3.00. If supply and demand controls markets, then how come the opportunity to recognise my demand isn't able to be noticed without having to be an institutional client?

Cheers.

Josh