no capital raising required, page-2

Things certainly appear to be running much smoother with new management and I was in no way having a go at them...
I may also be completely off track in assuming a capital raising is likely and have no idea of the price they will lock in for the pipeline (or the cost of the acquisitions) so that combined with potential debt funding may be outcome....

But there is no denying they are running low on cash,they need to fund Ash Creek, corporate costs, potential for 2 acquisitions and the accompanying costs for research and development......Tranche 2 of the Denbury funding will further delay material cashflow from Grieve....Which makes Pattos suddenly popping up raise my suspicions, but I hope you are correct and there is no further dilution...

As for defending Pattos, when it comes to small caps/capital raising/Pattos there is no doubt that more often than not significant discounts apply to the raisings......I remember NAV (from memory) entered trading halt at 12c, cameout with an underwritten raising at 6c which Pattos pulled out of the next day, same scenario played out at half the price and when it did go through shortly after it was done at sub 1c...Of course ELK is a completely different company to NAV so that scenario would never apply, but discounts would..
regards