Ann: Raises $4m to fund start of high-grade graphite production, page-10

Agreed that the raise was excessive this time. Smaller raise and proven cashflow would have been a much better value for shareholders. Throw in the new shares and options and we are somewhere around 500 million shares (rough calcs).

The thing I take away from the announcement today is that they have no offtake buyer at this stage and need to prove up product to suit buyers market. Still lots of work to do and unless they get sales, more raising will occur down the track.