5% for $1.5m suggests $30m for the company. Their only assets to...

5% for $1.5m suggests $30m for the company. Their only assets to my knowledge are the JV with Gina (which she is paying $4.5m fpr 51% and a couple of leases surrounding Tandarra plus the JV with NML. They have to spend another $2.2m by Sept next year to retain their 51% of Tandarra hence this capital raising I suspect, (the cash from Gina is reimbursement for expenditure in their leases).
Tandarra is easily the shallowest area in the Whitelaw, their recent releases show planning for a proposed mine so I personally think our current MV either only reflects Ararat or Tandarra, not both. Don't be surprised if you see some corporate action notwithstanding the Ararat drilling. If we can't make 2 + 2= 4, someone else will. GLTA.