If they want a quick capex they would raise with sophisticated...

If they want a quick capex they would raise with sophisticated investors. I suspect MMA will do an entitlement offer on a 1 for 10 basis (can only raise 10% without shareholders approval) which would issue 15.95M shares @ say 25c raising circa $4M and I suspect shareholders will be able to subscribe for the shares not taken up by RDM. Failing that, Crescat Capital would more than likely take up any undersubscriptions. MMA only needs a cash buffer to see them through to October 19 2024 when 50M 30c options are due for conversion.

After a 10% capex, RDM's percentage holding will fall to 47.5% and if they convert the 4M outstanding options into shares then their percentage holding will increase to 49.7%. Regardless of this, when the October 30c options are converted, RDM's ownership of MMA will reduce to below 40%.

I agree, RDM should not waste valuable cash trying to maintain their percentage ownership in MMA.