Ann: Prospectus for Non-Renounceable Pro-Rata Rights Issue, page-12

It certainly looks that way, with the take-up price being pretty well current market price & supposedly 3.5 years to production while the options expire in 3 years.

With RWD's history of being unable to get within cooee of stated timelines, I would think it is a big ask for existing shareholders to bet that somehow this time it will be different.

On top of that, the sub-underwriter is MR's Tyson Resources .... a nice, simple, clean way to boost his % without sending the sp higher via on-market purchases .... slowly, slowly, catch the monkey !