The stated justification for the raising was a stock standard “to advance” work at Lake Roe.
The raising wasn’t particularly surprising given the strong share price rise enjoyed by Breaker in recent times, though managing director Tom Sanders told MNN “we don’t want to discuss internal strategies”.
The $10 million raised will be added to with a $1.5 million on offer in a SPP for existing Breaker shareholders.
Breaker started July with $7.4 million, with a budgeted spend for the current quarter of $2 million.
As previously widely publicised, the raising was priced at 70c.
Shares in Breaker were down 4% to 71c in morning trade, capitalising the company at $91 million ahead of the issuing of the new stock.
The stock was fetching about 20c 12 months ago.
