waiting game, page-5

12 May.
Discussions continue with debt financiers for provision of up to US$5m of debt funding

23 May.
The costs of the modular processing plant are proposed to be funded from the Company’s planned debt facility,
where the indicative terms for up to a US$10m debt/pre-payment facility, linked to a longer term off-take agreement
have been agreed and "final due diligence" is being undertaken.

29 May. Letter to ASX.
Long term Manganese ore off take agreement and for the amount of between US$5 -$10M

NOW!
Resolution 2
The Company intends to undertake a placement to raise a further $778,000 by way of issue of up to 38,900,000 Shares at an issue price of $0.02 per Share and 113,000,000 Options (Placement).

Resolution 6 seeks Shareholder approval for the allotment and issue of Shares raising a total of up to $5,000,000 (Share Placement).
the issue price will be at least 80% of the average market price for securities calculated over the last 5 days on which sales in the securities are recorded before the day on which the issue is made;

That's about .014c people div $5,000,000 = another 396m shares.
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But lets look at the cost of these raisings. Only 15% right?

Resolution 4
the Broker Securities will be issued for nil cash consideration and no funds will be raised from their issue. The Broker Securities will be issued in lieu of broker fees associated with the Raising and the Placement; and

The maximum number of Broker Securities to be issued is 3,000,000 Shares and 4,500,000 Options;
the Broker Securities will be allotted and issued to Oracle Securities or its nominees and will not be related parties of the Company.
(Another short term loan is my guess for the $778k in resolution 2)


Resolution 3
the Options will be for nil cash consideration and no funds will be raised from their issue. The Options will be issued as part of consideration for arranging the Raising and Placement;
the maximum number of Options to be issued is up 17,000,000 Options (Komodo?)

So another $424m more shares.
328,000,000 more oppies.

Remember this. Post #: 8141927 fully running mine.

$38M/650M= 6c earning per share per year.

Now it will be another 425m more heads alone.
$38m/$1,075B = 3.5c

And that's how they roll!!!!!!