The Deal

This mornings digital Australian is outing the announcement.
Bank Votorantim dead. (Waterman;s surmise above seems very valid)
Blackrock royalty deal changed to 15%
A $20m placement to parties including private equity group Greenstone Resources
It will also look to raise another $45m or so through an entitlement rights issue ...all at a premium to 30 day vwap.
Given Glencore, Blackrock and Appian hold approx 35% I believe they will take their 35%. Hence, $50 million already in the bag if I am right. A Balance of $30 million available to rest of shareholders. I wonder if it is underwritten and who will end up with left overs?

No debt, no dilution if you take up your share of the offering. With $50 million already gathered above, we are going mining. If you don't take it up the big three likely will.