Mmm I think its toss and its just setting up a few directors etc.
The first announcement when they bought Romang Island said they had enough cash to facilitate the first 2 years of the exploration program and they had bought equipment, had labour on site to start an immediate program. That was in February 2008.
Since then we have heard nothing of a exploration and drill program and now they are raising capital.
Wouldnt it have been better to drill before a cap raising so you were more likely to raise capital at a higher share price due to some results and not dilute the shares as much??? What happened to the immediate drill program anyway? What happened to the labour and equipment supposedly on site? Why do they need to raise capital now if they said they had enough for 2 years exploration in Feb 08? What undertakings and actions have Ian Finch and co given ROL to get the project rolling? No one knows. Surely if ROL are selling off 20% of the company, ROL management must have TRF tied down for some measurable outcomes otherwise why would you involve them??
I had an email conversation with Gary Lewis of ROL on this and wasnt impressed with his answers to all of the above.
For the first time I am taking an interest at a meeting and voting against this unless they can answer the above questions and show me what Ian Finch and co are going to do, by when, and how ROL will measure their performance against their proposed actions. At the moment their is no commitment on TRF's account to further the project.
ROL Price at posting:
0.0¢ Sentiment: None Disclosure: Held
