I think those wanting more than their entitlement will mostly get the full amount they apply for.
Some holders wont participate at all, others at partial to full entitlement. With the shares trading at 1.8-1.9c there will be plenty of shortfall shares up for grabs imo.
I dont buy the argument there will be a conv farmout before the offer closes.
If it was that close they would raise after such sp supportive news.
Not saying it wont happen by year end though. That remains to be seen.
Rights offer document, page-22
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