Ann: Capital Raising Presentation December 2018, page-38

So whats the final difference between raising at 0.295 and 0.25 about 30 million shares less out of the 882 million that will be on issue after the 25 cent placement so an extra 3-4% dilution if you had managed to get a placement at VWAP.  (not likely ever)

Assume price = full value @ current after tax NPV (AUD562) of about 63.7 cents a 3% difference would equate to a full value of 65.9c.  Not really much of a difference to worry about at this stage.

The positives vastly outweigh the little extra dilution and  gets them on track to go into production 2220 when global gold production will start to decline and a serious upswing in gold could be in the cards.  Further the financing does not lock in low gold prices at an very reasonable interest rate for this part of the world and this business.    

It also gives them $30 mill for exploration so we can really see a ramp up in high grade reserves and extended resources...... step out hole down to 1500 & 2000m would be very nice.

Good deal in my book.