Hi Pepin
Let’s work this through, reverse maths
Say we raise $5mil SPP, that should be ample
Then, say we rasie at 5c, fair enough discount (note ‘fair’ is clearly a very subjective word)
Therefore; 5,000,000 / .05 = 100,000,000 shares
100,000,000 / 3,500 shareholders on register (approx, refer page 56 of fin report) = 28,000 share per shareholder offered in SPP
28,500 x 0.05c = $1,425 full subscription
At 5c, and $1,425, you make 60% at 8c offer
I think there is more incentive for the little guys to take it up than not, leaving Zijin severely diluted and no chance of 75%
Look forward to your feedback
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