two tranches would be reasonable as long as the 2nd trache's pricing is indepent to the current prices. I would not view raising 4.8m in cash as reasonable for a company valued at 19m, expecially when we having a scoping study that was due for completion in Jan-12. The results must be available for release by now. Now that i think about it, hopefully they will release some words on the scoping study as well.
nmr to raise 4.8m shares at 4c, page-11
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