think you have this totally upside down mate think about this...

think you have this totally upside down mate

think about this

the SP doubles (goes to 80c) the options (1.25m @ 50c and 1.25m @ 60c) are worth 250k + 375k = $625k profit to Kingfisher

Kingfisher has to cut a cheque to G1A to exercise said options totalling $1.125m

Galena issues them 2.5m shares....fine

If they had placed $10m at a 15% discount to prevailing SP (say 32c is circa 15% discount to 37c) is 31,25m shares for $10m

They actually placed 25m shares (25 x 0.40 is $10m) ......6.25m LESS shares

But you need to add back the shares issued for the options which gives a difference of 3.75m LESS shares for the sake of those options...!

So at 80c those "extra" 3.75m shares would've been worth $3m under a discounted placement scenario.

under this deal we are issuing 3.75m shares less, getting a cheque for $1.1225m and Kingfisher are making $625k.

So you are right its not a "good" deal for shareholders......

its an "unbelievable" deal for shareholders!

I hope my maths stacks up!