Ann: Raises $4m to fund start of high-grade graphite production, page-6

I don't care how nicely anyone wants to paint this picture (and I'm sure some will call this an amazing milestone and all that sort of thing) - it's poor capital management to raise this much while the price is depressed.

With the low cost per shaft of only ~$200k, they could have easily stuck with raising another $1-2M on top of the existing placement and had enough to start production, with much fewer shares on issue.

Had they gone into production late this year, as earmarked, I'm sure they would have attracted investor interest and share price would have been closer to 10c+, which would have then allowed them to raise the rest of the funds, with half the dilution.

Make no mistake people, dilution is absolutely essential for any growing company but it can also be the investor's worst enemy if not used propitiously.

5/10 for mine.