BMN
BlackRock 2037 Municipal Target Term Trust
stock NYSE

**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 cash reports). No links, no picks, not advice.
Nineteen companies announced raises between 4 and 10 September for about **A$302M** in disclosed proceeds. Three of them carried it: without the top three, the other sixteen disclosed **A$37.2M** between them.
**The week's biggest raises**
|Ticker|Company|Raise|Price / discount|Off the filings|
|:-|:-|:-|:-|:-|
|BMN|Bannerman Energy|A$124M fully underwritten placement + SPP up to A$10M (9 Sep)|A$4.00, 5.4% under last close|Halted and announced within the hour. \~A$879M cap, options overhang 1.3% of the register.|
|GCI|Gryphon Capital Income Trust|A$86.3M placement (9 Sep)||A listed credit trust, not a small-cap story. Unit count up 90% in 24 months.|
|GML|Gateway Mining|A$45.0M placement (9 Sep), A$20M from one cornerstone|8c, 16.7% under last close|The filing splits it: 330.2M shares under the 15% placement capacity, 232.3M under the extra 10% (LR 7.1A). Share count up 487% in 24 months.|
|AKA|Aureka|A$5.65M placement + SPP seeking up to A$1.5M (7 Sep)||About A$7.15M together.|
|OSL|OncoSil Medical|A$5.6M placement (7 Sep)||Options and rights behind it convert into 89% of the current register.|
|MIO|Macarthur Minerals|A$3.5M placement (7 Sep)||0.6 quarters of cash by its own quarterly's estimate going in.|
The rest of the week: GG1 a A$3.2M renounceable entitlement offer, KLV a A$3.1M non-renounceable entitlement offer, FOS A$2.6M, AAU a A$2.55M non-renounceable entitlement offer, TMX A$2.5M in a placement and rights issue, W2V A$2.1M, RLC A$1.8M, TSR A$1.1M, A8G A$1.0M, PIL A$750K and KEY A$247K. SRJ and IXR announced placements without confirmed amounts yet.
**How much placement capacity is left**
Listing Rule 7.1 lets a company place 15% of its shares in 12 months without asking holders. Off the last 12 months of Appendix 3Bs, before any later ratification:
|GML|drew on both the 15% and the extra 10% mandate this week; about 74% of the base allowance used|
|:-|:-|
|A8G|about 88% used|
|AKA|87%|
|KEY|86%|
|PIL|77%|
|Whole market|**30 companies** have used all of it. Their next placement needs a holder vote or the 7.1A mandate.|
**The halt conveyor slowed**
Ten companies halted citing a capital raise in the week's five sessions: A8G, AM5, BMN, EGH, FOS, GML, KAO, TMX, VR8 and W2V. That is down from 21 the week before and 11 the week before that. VR8 was still halted when the week closed; AM5 and KAO halted citing a raise and had not announced terms yet.
**29 retail offers open right now**
Holders in 29 companies are inside a take-up window: 16 share purchase plans, 11 entitlement offers, 2 rights issues. Five opened this week: TMX (rights issue, 4 Sep), KLV and GG1 (entitlement offers, 7 Sep), AKA (SPP, 7 Sep), AAU (entitlement offer, 8 Sep). The oldest still running, X2M and PR2, opened on 24 July.
**Overhangs behind this week's raisers**
|Ticker|Options and rights as % of current register|Note|
|:-|:-|:-|
|KLV|106.9%|More potential new shares than shares. 9% of the register already in the money. Relisted as KLV after a 10-for-1 consolidation in August; the old code's history is not counted.|
|OSL|89.0%|None in the money at the current price.|
|W2V|32.1%||
|AAU|27.6%||
|TMX|25.4%||
|IXR|24.4%||
|MIO|20.7%||
**Cash going into the raise**
Three of the week's raisers (MIO, PIL, IXR) went in with under one quarter of cash by the estimate in their own quarterly. W2V, KEY, SRJ and AAU sit under two quarters on ours.
Across all 1,825 companies tracked, the cash-cover bands: 517 at 4+ quarters, 214 at 2 to 4, 354 under 2, and 740 with no current quarterly (larger companies generally are not required to file one).
Dilution risk across the market: 569 Minimal, 347 Low, 395 Moderate, 248 High, 180 Very high, 108 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, covering this week.
*General information only, not financial advice. No view on any company's future actions or securities.*

**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 cash reports). No links, no picks, not advice.
Nineteen companies announced raises between 4 and 10 September for about **A$302M** in disclosed proceeds. Three of them carried it: without the top three, the other sixteen disclosed **A$37.2M** between them.
**The week's biggest raises**
|Ticker|Company|Raise|Price / discount|Off the filings|
|:-|:-|:-|:-|:-|
|BMN|Bannerman Energy|A$124M fully underwritten placement + SPP up to A$10M (9 Sep)|A$4.00, 5.4% under last close|Halted and announced within the hour. \~A$879M cap, options overhang 1.3% of the register.|
|GCI|Gryphon Capital Income Trust|A$86.3M placement (9 Sep)||A listed credit trust, not a small-cap story. Unit count up 90% in 24 months.|
|GML|Gateway Mining|A$45.0M placement (9 Sep), A$20M from one cornerstone|8c, 16.7% under last close|The filing splits it: 330.2M shares under the 15% placement capacity, 232.3M under the extra 10% (LR 7.1A). Share count up 487% in 24 months.|
|AKA|Aureka|A$5.65M placement + SPP seeking up to A$1.5M (7 Sep)||About A$7.15M together.|
|OSL|OncoSil Medical|A$5.6M placement (7 Sep)||Options and rights behind it convert into 89% of the current register.|
|MIO|Macarthur Minerals|A$3.5M placement (7 Sep)||0.6 quarters of cash by its own quarterly's estimate going in.|
The rest of the week: GG1 a A$3.2M renounceable entitlement offer, KLV a A$3.1M non-renounceable entitlement offer, FOS A$2.6M, AAU a A$2.55M non-renounceable entitlement offer, TMX A$2.5M in a placement and rights issue, W2V A$2.1M, RLC A$1.8M, TSR A$1.1M, A8G A$1.0M, PIL A$750K and KEY A$247K. SRJ and IXR announced placements without confirmed amounts yet.
**How much placement capacity is left**
Listing Rule 7.1 lets a company place 15% of its shares in 12 months without asking holders. Off the last 12 months of Appendix 3Bs, before any later ratification:
|GML|drew on both the 15% and the extra 10% mandate this week; about 74% of the base allowance used|
|:-|:-|
|A8G|about 88% used|
|AKA|87%|
|KEY|86%|
|PIL|77%|
|Whole market|**30 companies** have used all of it. Their next placement needs a holder vote or the 7.1A mandate.|
**The halt conveyor slowed**
Ten companies halted citing a capital raise in the week's five sessions: A8G, AM5, BMN, EGH, FOS, GML, KAO, TMX, VR8 and W2V. That is down from 21 the week before and 11 the week before that. VR8 was still halted when the week closed; AM5 and KAO halted citing a raise and had not announced terms yet.
**29 retail offers open right now**
Holders in 29 companies are inside a take-up window: 16 share purchase plans, 11 entitlement offers, 2 rights issues. Five opened this week: TMX (rights issue, 4 Sep), KLV and GG1 (entitlement offers, 7 Sep), AKA (SPP, 7 Sep), AAU (entitlement offer, 8 Sep). The oldest still running, X2M and PR2, opened on 24 July.
**Overhangs behind this week's raisers**
|Ticker|Options and rights as % of current register|Note|
|:-|:-|:-|
|KLV|106.9%|More potential new shares than shares. 9% of the register already in the money. Relisted as KLV after a 10-for-1 consolidation in August; the old code's history is not counted.|
|OSL|89.0%|None in the money at the current price.|
|W2V|32.1%||
|AAU|27.6%||
|TMX|25.4%||
|IXR|24.4%||
|MIO|20.7%||
**Cash going into the raise**
Three of the week's raisers (MIO, PIL, IXR) went in with under one quarter of cash by the estimate in their own quarterly. W2V, KEY, SRJ and AAU sit under two quarters on ours.
Across all 1,825 companies tracked, the cash-cover bands: 517 at 4+ quarters, 214 at 2 to 4, 354 under 2, and 740 with no current quarterly (larger companies generally are not required to file one).
Dilution risk across the market: 569 Minimal, 347 Low, 395 Moderate, 248 High, 180 Very high, 108 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, covering this week.
*General information only, not financial advice. No view on any company's future actions or securities.*