where to from here...., page-21

Here's the announcement - posted previously by Seik...many thanks.


"Austpac Share Placement Raises $1.44 million

Austpac is pleased to announce that the Company has completed a private placement of 48,000,000 ordinary fully paid shares at 3 cents each to raise $1.44 million. These shares were placed with professional investors.

The funds will be used to commence the Newcastle EARS project and for working capital.

Austpac has advanced the Newcastle EARS project to begin the refurbishment of the EARS section of the ERMS SR Demonstration Plant to commercially recycle waste from the steel industry and generate a profit for the Company.

Negotiations are well advanced for the supply of spent pickle liquor (SPL), mill scale, and other wastes to enable the 13,000 tpa EARS plant to commence operations in 2009.

Negotiations are also well advanced for the sale of the hydrochloric acid (HCI) and the direct reduced iron (DRI) produced by the EARS plant.

Capital costs for the EARS plant refurbishment are being finalised and indicate a very affordable entry into commercial production for the first of Austpac’s technologies."



......the $1.44 million raised is excellent, however, I am not sure if this will also fund the required plant refurbishment, which from a shareholders view is still unknown and yet to be finalised in total cost, and yet to released to market.

Can anyone confirm if capital raising will also be enough to pay for total refurbishment...if so this is great as we should then see the end of any more capital raising requirements. If not then maybe there just might be one more down the track?

If there does need to be another raising then any other "sophisticated investors" could possibly ring the Company to register their interest...that's the way it works...I think and according to previous posters??

Comments welcome.

JAWSY:)