reversing ticket?, page-26

RS,

You said "Could be someone getting set across multiple accounts for pending RI or SPP?"

Or, in addition, could "someone" be manipulating the market to get the lowest VWAP day for a draw-down by Trafalgar as it appears to me that they get shares allocated for a draw-down based on the lowest VWAP for a day over the last 5 days...not an average VWAP over 5 days.

The following is an extract from the AuDAX post:

"Appendix 5B
Mining exploration entity quarterly report"

http://www.audax.com.au/documents/Appendix%205B%2031%20Dec%202009.pdf

"Note 1 - In October 2009, AuDAX Resources Ltd executed a Committed Equity Facility Agreement to
secure a A$20,000,000 facility with Trafalgar Capital Specialised Investment Fund, Luxembourg
(Trafalgar). Subject to terms and conditions of the facility, AuDAX Resources Limited may, at its
discretion, issue shares to Trafalgar at any time over the next 30 months. Shares issued to Trafalgar will be
priced at 95% of the lowest of the daily volume weighted average price (VWAP) of the Ordinary Shares
on ASX as quoted by Bloomberg during the prior five consecutive trading day period."

This is posted under the heading "Financing facilities available".

AuDAX Resources' Managing Director, Wolfgang Zimmer said:

"This new $20 million facility allows AuDAX to push forward with certainty its plans to drill the Sambuca well in the first half of 2010, whilst enabling increased flexibility in terms of volume and timing of financing our activities going forward".

A full draw-down under the above arrangement would just about double the number of AuDAX shares on issue; it is going to be interesting to see how the loan conditions are processed; I'm sure Trafalgar don't want to make a take-over bid for AuDAX...any ideas?