The Financial forecast update released on 27 July has a provision for a $10m share placement in 2012 with a note stating:
"share placement unnecessary if
existing listed options (188 million)
are exercised at AUD 15 cents each
before expiry 31 December 2011"
So given a decent conversion rate from the option holders (me included) there shouldn't be any need for a cap raising.
tsx listing date, page-6
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