Rangers CR in context, page-3

No worries mate.

I am not an expert on raises, and whilst there is no " law" that VWAP is the price, it is usually the benchmark. There is no law that the discount is to be 15% either. Some raises are certainly higher than that, including some above the prevailing market price, but those typically are to a cornerstone investor that is happy to pay a premium.

IMO, it is fair to say that raises, being rights issues, placements or whatever are priced at a discount to the 30 day VWAP in a significant majority of the time.

As far as the issuance of free oppies to the advisor, that is another matter and I didn't discuss the mechanics behind that... that was an error on my part but almost certainly be tied to fees related to the raise , separate to the commission.

One point has to be made, DP tried to get funding one way or another for Jewell since late 2018. No matter what you think of CPS, without that brokerage firm and the backing of it's clients, Jewell would not have been funded. That funding came with 12 month retention of CPS by BRK along with a monthly fee. So the only firm that would have been able to be the lead participant in the Rangers placement is CPS...... and we needed that $9 million, fast and guaranteed. The CPS mandate, unless extended ends March 2022 I believe. As BRK grows, it will be in a better position to dictate much more favourable terms with CPS , or whoever in the future ( if needed, that is).

Cheers

Dan