cr, page-6

I was hoping with the tight register they might be able to squeeze $2 per share from a placement of around 10 million shares - this is what I meant by striking a good deal and I'm hoping it's enough to get both resources past the PFS stage as progression to commercialisation. Maybe even get Iron Valley to a BFS or DFS.

But you are probably right blue, $1.70-$1.80 could be closer to the money.

It will be interesting if they do a placement who it might be with, it would be exciting to see a placement with someone close to a Chinese or Japanese steel mill, but I'm sure as usual it will be those mysterious sophisticated types.

Can't see a rights issue this close to IOHO expiry but it's possible... How about one for ten at $1.50 to raise about $21 million? Stokes would need to fork out over $10 million in that scenario.