No CR necessary. Of course it might still happen if the price is right and if Troy has a chance to employ additional capital. John Jones is opposed to issuing shares as we know from the past and he still has a considerable stake. So we can be sure there won't be a CR on bad terms (incentive for corporate guys is always that a CR enlarges your kingdom while any downside falls onto old shareholders, very good to have management with some ownership).
Make no mistake, balance sheet is still weak but getting better by the day. Ultimately the value of Troy will be about gold that has not been found yet and given that all those exploration efforts under Martin's oversight were only A$7m or so there is gigantic upside.
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