how may are taking up the spp?, page-17

Bigmoon....why do you think it matters how many shares are on issue. it just comes down to market cap. 1B shares at 10c is the same as 100m shares at $1....it's all relative.

The dilution is minimal to shareholders imho--especially when you consider that the co is actually buying back convertible notes issued last year for the panorama project that hasn't proceeded.

So they just issued shares at 10c to replace the convertible notes that they previously sold at 67c. Sounds like a pretty good deal for FPO shareholders. Not so good for the noteholders.

For what it's worth, Toho must have seriously deep pockets to keep throwing money at this co. They own close to 30% of the co + the 50m in convertible notes + the 40m now extended for Rasp + whatever the take-up for the uncompleted spp. They have donw a lot of dosh on this dog over the past couple of years and sre still coming back for more...they're either incredibly stubborn or eternally optimistic.

At the moment, cbh is still a goer imho. if metals prices stabilise here or continue to climb, the company will be making good money again....probably in this quarter or the next.