Ann: Raises $4m to fund start of high-grade graphite production, page-9

SP may not be "high" as such, but the implied mc has just risen by 35%, i.e. 35% register dilution.

Of course, those funds are going to be put to good use but they are going to be used up, which means it will revert back to a case of the market seeing MRF getting into production and re-rating them; hence my argument, why not raise some funds now for several shafts, let the market see the plan start to unfold, re-rate the stock, then raise the rest.

Really just seems like a great offer for sophs to get set early at low prices and then sell all the way up as it rises, which will create overhang.

Anyhow, at least they're de-risked now, which is a good thing in this market.