It would appear they are doing a placement to SI with possibly the same for holders given the delay in announcing.
I previously suggested them using all of their 7.1 and 7.1a capacity to issue ~ 62.5m shares @ ~3.2c on a 1:4 basis with an attached option (10c strike, Dec 2018 expiry) on a 1:2 basis to raise around $2m
Perhaps they may go bigger? Previous issues have be relatively modest.
In any event, I expect that we won’t hear much re results of chipping or mobilisation of rigs/teams until close to the closing date.
Anyway, we’ll know tomorrow.
PS: The overseas placement suggested above may pan out. Also i was thinking after sending you that message pinto that it may be above current sp also. Not hopeful as not too many place at a premium but who knows. It would certainly light a fire under the current sp and invoke confidence in the new program!
