shareholders be heard, page-3

"If there is insufficient cash flow at the moment to fund growth then IGR should wait until there is! It is basic folly to dilute at the high cost of share capital just to bring forward growth by twelve months. Any first year business undergraduate could tell you this."

You can only speculate at this stage as they haven't said what the raising is for, but if it were to eventuate that the gold price starts to fall down in a year's time, by bringing production forward it will have turned out to be a brilliant move as your sales will be higher than they otherwise would be. The hedge can then be used later as the price falls.

Remember we're dealing with a commodity with a volatile re-sale price and we're not a market maker.