Actually Shnapps, had we gone with a regular secondary financing, our costs would have been in the order of:
1] initial dilution ~14% (for the secondary share financing only)
2] additional broker bonus share options of about 1.4 million shares (that would have been exercised fairly quickly by the Banking group and blown back into the market for quick profits)
3] commissions in the order of $5 - $8 million, which would have reduced the net proceeds into the treasury.
4] legal fees in the order of $100,000+
Considering that going with a Rights Offering we had negligable dilution (~2%) and legal fees in the order of maybe $5,000 -$10,000, we did pretty darn well. Smart financial strategy on behalf of the BOD and management! Kudos to them.
We need to keep in mind that our share of the overall mine construction could well be in the order of $300M +, so we can expect further dilution ahead if we stay through to production. However I'd expect a large part of future mine construction costs to be by way of debt financing, especially with market rates at current levels and expected to remain so for the next 2-3 years (especially with Obama and his henchmen at the controls).
If this is the case we shouldn't see excessive further dilution through production, which would be phenomenal from our standpoint given the enormity of the eventual payback to shareholders.