lets call it 230m, page-4

Bluey - did your forget about the 5% loan stock shares for directors and staff ? - better add another 10m for that - I think your port and rail costs are a little on the low side and probably safer to use $3.90 / $4 as the issue price given the lack of interest at $4.30 last time

so 230m to 250m shares on issue still a pretty solid effort for a junior - OZL has 303m with SFR being the winner with only 154m shares on issue

hOOt