They did raise $3m - $2m instos & profs + $1m SPP
Every extra $1m (if they had allowed overs for the SPP) would = 250m shares = even more dilution
Whilst on the one hand we all wanted more (obvious as the SPP was oversubscribed by $4m), on the other we now have less dilution, a management now focused on one area & the possibility they will find a shed load of gold which will push up the price & allow for a less dilutive additional raising at a better price
Scale back, page-82
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