Ionic Capital Raise, page-23

This is a classic. If you look at the way VXL went - they had a number of failed Rights Issues with extensions and the SP falling below the RI price. Consequence was that (apart from the directors who took up a small proportion - to keep the rivers of gold running) the rights issues were a flop with enormous shortfalls. This pattern is a a text book example of a company destined for administration (as was VXL). In this case SER have virtually nothing to offer as large amounts of Capex (which they are unlikely to raise) will be required to open up their prospects to create revenue.