okay pen & blr, page-46

Okay people keep posting an incorrect number of shares... Refering back to letter of intent:
"On execution of Definitive Agreements Black Range shall pay STB US$1.0 million and issue STB
US$2.5 million worth of shares in Black Range"
AND:
"In order to exercise its option to acquire STB?s mineral interest, Black Range shall pay STB a
further US$2.0 million and issue STB US$7.5 million worth of shares in Black Range"
AND:
"US$2.0 million in shares on commencement of
mining"

Now lets assume parity for the moment, and ignore the mining amount. To be fully entitled to access to the full 100m pds people are quoted - NOTE the announcement actually only said 90m lbs, they have to issue $10m USD worth of shares.

Assuming parity, and at the different share prices:
Current (6.1c) = 163.9m
10c = 100m

Hopefully the share price will rise and hit that 10c level before we have to give these shares away. Maybe that is why they are relying on the coal side of things to boost the share price!

Just keep in mind the above additional shares that need to be issued. Also keep in mind the exercising of the options, which will create additional shares and since these are in the money now - there is a stronger likelihood of coversion. A good possibility we will be near 1bn shares in the near future.