IMO, the capital raising is not needed for organic growth in Au,...

IMO, the capital raising is not needed for organic growth in Au, NZ, USA or Canada. Therefore I think it is for one or more of the following:

1. Expansion into another territory;
2. Increased investment into research and development to further improve their competitive position or service offering (I believe they already have enough cash to do this, so this could be in conjunction with 1, 3 or 4);
3. An acquisition (I do not know what they could be considering here);
4. Greatly accelerating the marketing in current markets to take advantage of their current strong offering (I believe they already have enough cash to do this, so this could be in conjunction with 1, 2 or 3).

There is a good argument for NEA to strike while the first mover opportunity is there by accelerating its expansion. I just hope that they do not discount the raising too much if it is not also made available as a SPP.