Ann: Cohiba Share Purchase Plan to raise up to $2 million, page-11

The first thought that crossed my mind when I saw the announcement was ( as others have remarked) whats the reason for doing the SPP at what is essentially the current market price. Now lets face it, that is very unusual for any company and without any progress report on the latest drilling or the drama with the jv partner. So I'm torn between is retail getting milked here, or are we being given an opportunity of a lifetime? If we opt for the latter thinking, the fact that it is being done at the market price suggests they have confidence in the exploration and not prepared to discount the allocation price. Does not seem to be underwritten so again, it does suggest some confidence. Lets wait and see the detail in the SPP booklet. Meantime any positive news, even if a bit of a "teaser" re the drilling, before the SPP closes, will see this fully subscribed. I can't imagine they will remain silent on the drilling as the 4th hole would be well progressed by now and hence data from that would be very material info, whether its positive or negative.