Can someone explain the following to me? I thought we were...

Can someone explain the following to me? I thought we were voting on the share issue. How come they were issued already. And then, will the "sophisticated investor" with his new shares be able to vote on passing that resolution?

tusho

Nobody responded to you not surprising.
The plain answer is, there is 2 issues as per announcement. A 165 million placement and then the big $6 Million placement to come at God knows what price.See Ann 14 June 2016, extract below.

"The Company has engaged stock broker APP Securities Pty Ltd to advise and act for the Company to raise these funds. It is expected that that the Company will raise some $6 million over the next six to eight weeks.
This will include an initial fundraising by the issue of 165 million shares under the Company’s current share issue capacity expected to be finalised in the next week and a following options entitlement issue to all shareholders".

NOW, to those that think Assets are more important than liabilities, you are dreaming IMHO.
Liabilities are liabilities, whereas assets are things that often cannot be sold in a hurry especially in these poor market conditions,inc plant and equipment etc.This why the company must raise as they said or possibly fold.
As far as the Pearce open cut mine is concerned, there are only 1800ozAu left and that is nowhere near enough to cover liabilities after production costs

"Over the next six months we plan to mine and process the remaining 19,000 ozs of gold within the pit1, these ounces represent approximately $34 million in value (at a gold price of A$1,800/oz)..."