Ann: Prospectus for Non-Renounceable Pro-Rata Rights Issue, page-24

Yes, because they’re obsolete in light of the PFS which significantly de risks the project. One of the major “sophisticated investors” was Australian Super. A slightly higher caliber of investor than your bunch of Perth spivs.

Maybe they are next door to the reputable firm that did your financial modeling? In the same part of Perth I think?

Your venture capitalist will sell the stock and ride the options. Another insider gets looked after at the expense of ordinary shareholders. MR ends up with a big chunk of free stock for underwriting the issue. The amount they are raising will barely touch the sides and they’ll be asking for money again in 3 months.

Forgetting about some of the glaring inadequacies in the test work you’re on a hiding to nothing based on the share price and capital required. Good luck.