Sept quarter they had $65.5m in the bank, but $39.4m is...

Sept quarter they had $65.5m in the bank, but $39.4m is restricted to future interest payments for Senior Secured Notes. They are also required to maintain a minimum balance of $5.1m under the Midwest Vanadium Pty Ltd Senior Secured Notes.

So the available cash available would be $21m as at 30/9/2011. They received around $80k from exercised oppies since Oct, with $830k outstanding.

"currently considering the possibility of undertaking a capital raising" to me implies:

Well you know what, we have enough money atm, but we've been approached by some big investors wanting in, but are not prepared to buy on-market like the rest of us. They're starting to get concerned about paying a premium after production commences, so they have offered to fully fund a placement at a premium to the current share price.

Who knows, perhaps the mums and dads will be invited to subscribe this time around and those fictitious investors will underwrite.