Ann: Funding Package for Karlawinda Gold Project, page-38

Hi Esh,
my guess is they will undertake a 1 for 1 rights issue. As anything less than that will mean they will have to go back to the markets later, and I think they have got extremely lucky with their timing and sentiment is starting to strengthen in gold.

The price will be at perhaps $0.055? That will give them about $41m, which I still think is not enough, but it will likely be enough for those that have not followed the likes of GCY, BLK, WGX, PNR etc.
The number they have provided to the market for the $$ required to build the plant is not the full number.
Simple as that. They won't be mining for at least 12 months, and even then the first 3-6 months of commissioning is not cash flow positive, so... perhaps 18 months to run the company, undertake exploration and undertake pre-stripping, fill the ROM pad etc all costs a lot of money.
Anyway, I think CMM have a good project, but I will continue to sit at the sidelines, as a lot of dilution is to come, even if it is indeed necessary dilution.

Good luck to all holders. Hopefully a little bit of exploration success allows them to really bolster the first few years of production.