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James, I'm not privy to the need for "additional working capital".

You asked why not a SPP and I gave the main reasons why some companies prefer a placement over a rights issue or SPP.

I personally don't like placements as they are dilutive for regular shareholders like me. In the rights issue I oversubscribed as I believe in the company and the potential of their exploration areas, although I admit a considerable amount of impatience. ;-)