I think this private financing is definitely positive, specially the increase in the amount shows many institutions are interestd and want to get in. This also means that we don't have to depend on the Chinese to be a successful miner.
However, I don't like the high interest rate, 10% and the odd ratio of 48 free warrants for every ($1,000) unit. I think BAA is a bit generous here considering interest rate is at record low. I like to get in on this excellent term but I guess I don't qualify becuase I don't have millions to invest. I could easily borrow at 2% - to 4% from banks on PLC and earn 10% PLUS warrants as a bonus.
I think BAA should offer Rights offering to existing shareholders to raise financing. It will be fully subscribed.