Via @ferrisb: - Raising up to $20M in two tranches - $0.06/share...

Via @ferrisb:

- Raising up to $20M in two tranches​

- $0.06/share​

- 1 for 2 option at 10c, 5-year expiry (!)​

- SPP to raise up to $5M​

Some clarity needed here ... Is it $20M divided into two tranches  (total $20M) or two tranches of $20M (total $40M)?

AFR article suggests just $20M:

http://www.copyright link/street-ta...ng-morgans-hartleys-on-ticket-20180515-h102wg

Extract:

Graphite developer Battery Minerals was in the market on Tuesday, seeking to raise between $15 million and $20 million. ​

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The placement has been priced at 6¢ a share, representing a 4.8 per cent discount to the last close and a 12.4 per cent discount to the 20-day volume-weighted average price, according to terms sent to fund managers.​

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Battery Minerals, which is run by David Flanagan, is also offering one listed option for every two new shares issued. The options will be exercisable at 10¢ with an expiry date of July 31 2023.​

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It is understood Battery Minerals' largest shareholder, Farjoy Pty Ltd, has committed to subscribe for $5 million in the placement.​

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Anyone else able to confirm a separate SPP of $5M and will this also have attached options ... ?

Implication of the above AFR article is that just $20M to $25M being raised at 6c, with one option for every 2 shares.

If cap raise + SPP ...

Cap raise $20M @ $0.06 = 333,333,333 shares
SPP $5M @ $0.06 = 83,333,333 shares

Total shares = 416,666,667 @ $0.06 = $25M

Then 1 option for every 2 shares = 208,333,333 @ $0.10 =  $20.8M

Total dilution = 625,000,000 shares or options.

That's $45.8M ... Thoughts?