Ann: Letters to Shareholders - Entitlements Offer, page-5

Prior to the recent placement and entitlement issue, this company had a market cap of somewhere near $6M. So to set out and raise $4M and increase the shares on issue by nearly two thirds in one hit is is a big ask. Particularly when the market has not really sat up and taken much notice of the project yet. Anyone can see that.
They could have easily lowered their sights and raised half the amount. You can get a lot of drilling done with a couple of million cash.
So if this fund raising falls into a hole, I place the outcome only at one spot and that is with the board and their broker/advisors.
I did not take up my entitlement as quite simply I don't want to put any more cash in......
Cheers
Gosouth