Ann: West Wits Announces SPP to Accelerate WBP Development, page-14

Here's my best guess as to what is happening.

Cash at 30 June 2018 was $1.2m, down $700k from March quarter. Worst case scenario I assume $700k down again this quarter, leaving a cash balance of $500k. The company is raising capital to avoid any additional queries from ASX like we had after March 2018 quarter. I suspect that the 1.2c price has been chosen for capital raising and not a lower figure as they possibly expect that one of the permits will be granted before the closing offer date. All assumptions and guesses of course, but my two bobs worth of thinking.

Should the share price make its way back to 1.2c prior to the close of the offer, I will be taking it fully up under 3 different entities/names.