JDK,The Cap Raise presentation clearly said the raise will...

JDK,

The Cap Raise presentation clearly said the raise will reduce the debt down to $166m USD. So your $201m USD after the cap raise would have been calculated differently from BLY's calculation. But BLY clearly stated it will be reduced down to $166m USD post total underwritten offer, which is excluding the SPP. In one of my previous posts I pointed to the effects of the favourable fx rate which gives the raise an extra $50m USD. Then add on top of that the SPP $75m USD and BLY is in fact very close to being debt free.