What comes first PP or permit?
If I would be Guilio - I would wait with the PP until the permit is in - first there is no need for cash if there is no permit and second with the permit the price of the PP will be significant higher. Also in order to treat all shareholders fairly I would give first right to existing shareholders - so all those who want to participate in the PP for example for 4 shares you can buy one new one.
Interesting times ahead - I still think Fortescue would be smart to table a take over bid right now before permit and PP - it will just get more and more expensive and we have seen in the last financings how strong the interest of Fortescue is, no bluffing anymore.