Ann: Placement , page-23

The questions we have asked is why did they do a raising at all when they said they had enough money to last for another 2 years of exploration.

They say the funds will be used to increase general working capital and to facilitate a "potential" repurchase of
the royalty outstanding on the Kvanefjeld project.

My guess is both these reasons arent the main reasons, the real reason was to introduce a company in the same field onto the register, a major


Its 4 mill shares on top of the 25 mill shares placement, the shares were only trading around 23c when the placement was first offered...its roughly 20% of the stock thats currently on issue, thats why we should get a revised top 20.

The extra 4 mill shares would have been done when the share price was 28c or so.

Also I very much doubt they will be sold, obviously they went to a company and the guess of mega uranium may be a good one as they are also tied up with rio tinto as their uranium investment arm, will need to look into this further.