A few comments, Coco. 1. I reckon 3.5c is a bit high - too close...

A few comments, Coco.

1. I reckon 3.5c is a bit high - too close to the current share price. A 1:3 at 2.5c would raise about $7m, which should keep the wolf from the door for a while.

2. When you talk about rights, you are assuming that the issue would be renounceable. Not sure that this would be the case.

3. Would the issue be underwritten ? If so, the underwriter would take a fair cut. If not, runs the risk of not raising anywhere near the amount desired.

4. Let's hope that a capital raising is in fact a pro-rata job rather than a placement.