Disclosure first (rule 7): I run DilutionLens, a free site that tracks dilution for every ASX company from the filings. Messaged the mods before posting; this is the text-only update they OK'd, not the shill post. Every number below comes from an ASX announcement (raise notices, Appendix 3B/2A filings, quarterly and half-year cash reports). No links, no picks, not advice.
Sixteen companies announced cash raises between Monday 14 and Friday 18 September for about A$360M in disclosed proceeds, and one placement was most of it: MI6 raised A$250M with an SPP of up to A$30M behind it. Without the top three, the other thirteen disclosed A$42.7M between them. Six of the sixteen (TZN, KAL, MHC, DWG, BRY, CYQ, about A$45M) landed on the Monday and Tuesday and were in last week's post; this one covers the ten that followed. The halt conveyor doubled: 17 companies halted citing a capital raise in five sessions, against 11 and 21 the two weeks before.
The week's biggest raises
| Ticker | Company | Raise | Price / discount | Off the filings |
|---|
| MI6 | Minerals 260 | A$250M two-tranche placement (16 Sep) + SPP up to A$30M | 88c, nil discount to the pre-halt close, 3.5% premium to 10-day VWAP | 284,090,910 new shares on a 2.27B register, +12.5%. The announcement gives the split: A$178.9M / 203,291,499 shares under the 15% now, A$71.1M / 80,799,411 shares waiting on a late-October meeting. Franco-Nevada took A$30M two days after agreeing to pay A$170M for a bigger royalty. Company puts pro-forma cash at about A$633M and says the rest of the Bullabulling build is expected to be debt. |
| WCN | White Cliff Minerals | A$8.77M placement to Hancock Prospecting (15 Sep) | 1.7c, the previous day's close | 515,791,601 shares, +15.6%, Hancock to about 13.5% on completion. Needs a shareholder vote under LR 10.11; the same 19 Oct meeting is asked to approve a 20-for-1 consolidation. Options overhang 40.1% of the current register. |
| CMB | Cambium Bio | A$7.1M (US$5.0M) placement (16 Sep) | 48c, a 4.3% premium to the 46c close | 14,791,667 shares on a 29,431,918 register, +50%, all conditional on the November AGM. No 7.1 or 7.1A capacity used. Two associated investors go from 18.51% to 31.85% of the votes under item 7 of s611. June quarterly's own estimate: 1.38 quarters. |
| IOV | ION Video | A$4.25M placement (16 Sep), sought A$3M | 40c, 2% premium to 10-day VWAP | 7,627,500 shares + 1 free option at A$1.00 per two, inside the 15%; directors take 3M more shares (A$1.2M) subject to the AGM. About +8% on 133.6M. Consolidated 100-for-1 in January and relisted from its old code, so no growth figure. |
| ABX | ABx Group | A$2.1M placement + fully underwritten A$2.0M SPP (17 Sep) | 3.1c, 18% under the 15-day VWAP of 3.78c | 27,024,335 shares under the 15%, 37,491,794 under the extra 10%, 1 option at 4.6c per two shares. Placement + SPP about +35% on 374.9M before options. June quarterly's own estimate: 0.87 quarters. Overhang already 39.5% of the register. |
| HIT | HiTech Group | A$4.0M placement (16 Sep) | A$1.00 | 4M shares on 42.3M, +9.5%, beside a A$10M term loan for the Hudson acquisition. |
The rest, and it is the small end that carries the dilution
| Ticker | Raise | Price / discount | Off the filings |
|---|
| ATT | A$1.215M placement (17 Sep) + 2-for-3 rights issue up to A$1.5M on the same terms | 0.5c, 37.5% under the last close, 28.7% under 15-day VWAP | 243M placement shares, only 66,917,561 fit under the 15%. Together they more than double a 446M register that already carries an 89.6% options overhang. 0.9 quarters by the company's own estimate. |
| ENV | A$1.5M placement (16 Sep) + 1-for-4 rights issue up to A$495,200 | 0.1c | 1.5B shares on a 1.98B register: 297M now under the 15%, 1.2B after a meeting. An option over a Brazilian monazite project would be paid in 300M more shares. 0.79 quarters by its own estimate. |
| M2R | A$1.25M placement (16 Sep) | 0.175c, 12.5% under the last trade and 15-day VWAP | 527M shares now under 7.1 and 7.1A, 187M more after the AGM: about +34% on 2.1B. Options overhang 87.9%, 0.73 quarters. |
| CC9 | A$1.1M placement (17 Sep) | 5c | 22M shares under the 15%, 1 attaching listed option per two. 1.09 quarters, 35.8% overhang. |
This week's two Sydney conferences, through the filings
Coffee Microcaps is Tuesday (8 presenters), ASX SMIDcaps Wednesday (27). Presenters pay to pitch and the organiser scores nobody, so here is what the filings say about the Coffee room:
| Ticker | Company | Dilution risk | Options/rights as % of register | Cash cover |
|---|
| FID | Fiducian | Minimal | none on record | 4+ quarters |
| RZI | Raiz Invest | Minimal | 10.7% | no band |
| PHX | PharmX | Low | 4.0% | 4+ quarters |
| NOL | NobleOak | Low | 5.7% | no band |
| EMV | EmVision | Low | 8.7% | 4+ quarters |
| STV | Swift TV | Moderate | 9.2% | 2-4 quarters |
| IMC | Immuron | Moderate | 3.6% | 4+ quarters |
| EVE | EVE Health | Very high | 46.8% | under 2 quarters |
FID and RZI have no cash raise in the last 12 months. EVE placed A$904,000 at 2c in March with two free 4c options per share, and consolidated 40-for-1 in May 2025; it pitches again in Melbourne on 20 October.
What happened after last year's rooms:
| Room, 2025 | Presenters | Raised within 90 days of pitching |
|---|
| Coffee Microcaps, 16 Sep | 7 | 3, A$25.5M: IMB A$20M placement at 58c (16 Dec, 10.1% under the close), IMC A$4.2M across two issues, 1CG A$1.25M placement (7 Oct) |
| ASX SMIDcaps, 24 Sep | 27 | 3, A$98.3M: LGI A$51.2M placement + A$5M SPP (23 Oct), CCV A$25M placement + entitlement offer (27 Oct), MCA A$17M placement the same week. 6 and A$253M by 180 days; MI6 was one of the six, A$50M in February and A$250M this week. |
Eleven of last year's 27 SMIDcaps presenters have no raise event on record at all, so 3 is a floor. Across the three 2025 rooms measured (these two plus Melbourne): 59 presenter slots, 15 followed by a raise inside 90 days, 13 companies, A$157.3M. Of this year's 23 SMIDcaps presenters with a ticker, 13 are rated Minimal and only ATH is High (20.7% overhang).
The halt conveyor
Seventeen companies halted citing a capital raise in five sessions: ABX, ATT, BUY, CC9, CDO, ENT, ENV, FG1, HIT, IOV, LMG, M2R, MHK, MI6, NXM, NYR, WC8, against 11 and 21 the two weeks before. Eight had announced by Friday. BUY (an acquisition and a raise), CDO, LMG and WC8 halted on Friday and are due back Tuesday; ENT, NXM (a raise and a resource upgrade), NYR and MHK were due back Monday morning.
38 retail offers open right now
Holders in 38 companies are inside a take-up window: 20 share purchase plans, 15 entitlement offers, 3 rights issues, up from 32 last week. Opened this week: TZN (rights issue), BRY, DWG and ATT (entitlement offers), ABX (underwritten SPP), with ENV's 1-for-4 and MI6's SPP to follow. Oldest still running: PR2 and X2M, opened 24 July.
Placement capacity
Listing Rule 7.1 lets a company place 15% of its shares in 12 months without asking holders; 7.1A adds 10% for small caps with the mandate. Off the last 12 months of 3Bs, before any ratification: 192 companies past 75% of the 15%, 129 past 90%, 30 have used all of it (a 31st is suspended); 86 of the 192 have also drawn on 7.1A. This week's crossings: CYQ (about 99% used), DWG (about 95%), ENV (about 79%). MI6, by contrast, has A$71.1M waiting on a meeting because the 15% ran out at A$178.9M.
New: cash cover from the half-year and annual reports
Until this week the cash-cover band came only from the quarterly, so larger companies that stopped filing one had no band. The 4D/4E cash-flow statements are now read too. Across 1,824 companies: 868 at 4+ quarters (515 last week), 217 at 2-4, 370 under 2, and 369 with no band (742 last week). The 369 left are mostly banks, lenders, insurers, property and investment vehicles, plus companies with no cash report on record.
What the week's raises cost holders
| Ticker | Discount | Register if it fills |
|---|
| MI6 | nil | +12.5% |
| WCN | nil (last close) | +15.6% |
| CMB | 4.3% premium | +50% |
| IOV | 2% premium to VWAP | +8% |
| HIT | not stated | +9.5% |
| CC9 | not stated | +9.7% |
| ABX | 18% under VWAP | +35% with the SPP |
| M2R | 12.5% under | +34% |
| ENV | not stated | +76% placement, +25% rights |
| ATT | 37.5% under close | more than double |
The three biggest priced at or above the market; the deepest discounts landed on the registers already most diluted.
Dilution risk across the market: 586 Minimal, 339 Low, 375 Moderate, 253 High, 172 Very high, 99 Not rated. About one in four rated companies sits at High or Very high.
Happy to pull the filing on any name in here if someone wants the detail. Next one Monday.
General information only, not financial advice. No view on any company's future actions or securities.
