what are we waiting for...., page-24

hi kristy,

I think they raised 5.7m with the 1.2m sale of wcu shares was to show the market that there is no more capping to be done since they have enough to finish drilling the well.

Looking at the cash report yesterday they said expenses for the quarter would be 5.1m and had 2.1m in the bank that didnt include the 1.2m wcu shares and the 700 000 placement earlier in the month. If they raised only 1m the placement people who had been holding the share price back recently could have continued to repeat the process and getting more shares at discounts for a quick profit. By raising 5.7m the doubt in whether they need more funds has been taken out of the investors minds with them saying they have enough to complete the well.

The announcements with all the gas shows if it wasnt held back might of been over 20 by now but the market sold the shares down.

That might be a reason why they raised so much in one go this time since they originally were hoping higher prices for placements with the 3 tranch idea but even with good news the shares were held back from running, all 3 placements for the 3 tranches were completed under 10 cents and only the 770 000 placement early this month got the highest price at 11 cents.