Well, if they seriously want a take-up by ordinary shareholders,...

Well, if they seriously want a take-up by ordinary shareholders, they needed to do something to get the SP out of the basement.

The news about Overflow in the 12/6 ann, imo, kept a lid on the SP after stunning it initially. I certainly had thought that this important and much-awaited drilling would have started by now, but 'no', 4th quarter now - as per this:

Overflow Gold-Silver Project
The Overflow Project also forms part of the Alchemy / Heron Farm-In and Joint Venture Agreement with Alchemy earning an 80% interest. In March 2017 Alchemy announced excellent results from the Company’s initial diamond drill hole (OFDD-001) at the Overflow gold-silver prospect in the Cobar Basin, NSW, including 18m @ 2.1g/t Au & 111g/t Ag from 245m and 3m @ 7.3g/t Au & 43g/t Ag from 286m (Refer to Alchemy ASX Announcement dated 29 March 2017).
Alchemy plans to complete a surface EM survey over the strong airborne EM conductivity anomaly identified down plunge of the high grade mineralisation to better define the target and, subject to geophysical modelling, complete a deep diamond hole in order to test the anomaly at approximately 350m below surface. The Company also plans to complete an additional diamond drill hole in order to test for high grade gold-base metal mineralisation immediately down dip of the OFDD-001 intercept (Figure 4).

The diamond holes are planned to commence in the 4th quarter of 2018, subsequent to the execution of a recently negotiated Native Title Access Agreement and other requisite approvals.

I am surprised that this disappointing news accompanied the rights issue news. For me, it killed the SP, as well as jeopardising the CR.