My reading of this is they propose issuing 147m shares to...

My reading of this is they propose issuing 147m shares to private investors. They then propose having a share purchase plan for current shareholders. i.e. this is not 147m shares all up. I'm tipping they will issue between 350m and 400m shares.

The presentation states that they hope to raise $15m from the private placement and $20-25m from the SPP.

Therefore, my guess is between 11c and 12c for the private placement (147m shares by 11c gives them approx $16.2m, which is close to the $15m required less costs).

I'm guessing that the SPP might be at around the same.

If they get 15c I think they will be doing very well.

This is highly dilutive, but appears necessary. It must be a bitter pill for the Board to swallow - not to mention us shareholders. However, hopefully this means they are able to survive and push ahead with their advanced projects. this will offset some of the effects of diluting shareholders when the copper turns higher (i.e. PNA will be ready to roll out their projects in a high commodity price environment rather than miss the boat like they JUST did this time). This is effectively what they were referring to in a recent announcement by stating that time is one of the biggest destroyers of value for projects - if they don't raise the capital now and put the projects on ice for 2-3 yrs, we might miss the boat again.

With a bit of luck, they will not have to issue the second tranche of options to GSJBW, which may offset some of this.