Snowy, as I read the announcement the remaining $5m is fully underwritten - so CGT is getting the money. But you are right $5m worth of 10c shares are directly or indirectly being offered onto the market now. What CGT needs is some good news - grade improvements on mining out the disappointing small pods, ie finding some of the missing oz would be a big one as this is not budgeted for. They released Mako drill results today without much impact. Otherwise, change in sentiment and belief they are back in track. Or paydirt at Mako.
Not long ago this was a $60-$90m market cap company including a healthy discount for risk. At expanded capital that's 20-30c ps.
CGT Price at posting:
9.8¢ Sentiment: None Disclosure: Held
