I really don't know why you just don't call the Co. rather than whinge and speculate on here.
I DID call and the scoop is that the company only had capacity to issue 35.3m shares for $3.9m it just issued without another shareholder approval. Hence the non-round amount. They had subscriptions for over $6m in a couple of hours they say.
As it was, the investor cut-back was around 20-30%. It would have been even more cutback all-round with US Global on board for US$500,000 alone.
Millrock still have 25 MILLION shares helped out and wanted some cash. No biggie. The price was clearly between consenting adults based on US terms. No biggie...Its in their interest to get a large US institution on the register as well.
The news here is that yet another Major resources fund has done its DD and is on the register.
Ann: Change in Substantial Holding, page-7
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