Zmans, I would have thought the level of dilution was dependent...

Zmans, I would have thought the level of dilution was dependent on the expected returns from the project as detailed in the finished BFS (assuming one has enough funds to get to the BFS, and UCL will have its half share of the funds required to complete the BFS if you a) believe the management and b) believe the rights issue currently underway will complete without any problem).

If the expected returns are attractive enough, theoretically you should have competing investment institutions elbowing each other to get in on the project when the capex has to be raised. That must limit the dilution. Also the purpose of the BFS is enable cheap debt finance to be raised, which further limits the dilution (although that may increase the riskiness of the project since debt interest has to be paid on time). Just my view. I've applied for loads more UCL shares in the rights issue. No idea if I will get them or not. We'll see. And I've told my broker for the nth time to accept the UCL offer in respect of my BON.