rau's new material

Right well I guessed part of it correctly in that it was a capital raising arranged through Patersons (to sophisticated investors I presume).

And it was at the 1.5 cents (although I had hoped it would not be at that level)

But I was a bit surprised that it raised a mere $2.2 million. I would have thought "material" implied somewhat bigger than that.
Whether they had sought a bit more but the tight conditions restricted the level is hard to say. Maybe that is all they really wanted at this stage.

One advantage is that it has only added 146,666,667 shares to the total. Any bigger sum of capital would have had to add a lot more shares obviously.

The $2.2 million should enable them to get through the September quarter.
According to the March Quarterly they had $1.9 million in cash at the end of March and were intending to spend during the June quarter :
(a) Amayapampa $1,750,000
(b) Hodgkinson basin $ 200,000
(c) Burraga $ 150,000
Which would give a total expenditure during the current quarter of $2,100,000.
So they would have been about $200,000 short of funds for this quarter compared to money on hand at end of March.

Therefore, roughly they will have $2 million available from this capital raising for the September Quarter.