termination of share placement , page-100

Derosie,

That surely is a 'grasping at straws' rationalisation!

On the contrary, I believe that the Nucore relationship was significant to PEN.

This is what Gus had to say in the ASX announcement when Nucore came on board:

Peninsula Executive Chairman Mr Gus Simpson said “Peninsula is pleased to announce this strategic investment and the commencement of what we view as a long term partnership with both NuCore and Boswell. We also welcome the appointment of Jim Cornell to the management team, his Uranium industry and nuclear fuels marketing experience will be invaluable in expanding Peninsula’s position and profile within the Uranium industry.”

Incoming Executive Director Mr Jim Cornell said “Since its inception NuCore has been evaluating emerging Uranium producers and we believe that Peninsula, its projects and
people present a very attractive platform on which to build a globally significant Uranium supplier. I am pleased to participate in this investment and to join the Peninsula team going forward”.

Clearly, it was about far more than the $15M. It was to be a long term partnership and about "expanding Peninsula’s position and profile" via one of the industry's top guns.

And what has happened to Jim Cornell's belief "that Peninsula, its projects and people present a very attractive platform on which to build a globally significant Uranium supplier"?

Surely that belief is not going to be eliminated by a time-limited Fukushima-caused set back in the U market.

If Cornell REALLY believed in PEN's 'projects and people' they would sit tight and build the relationship (provide the marketing advice etc) and execute the capital injection at the appropriate time in the future.

There was no apparent opportunity cost in doing that. Or was there - once Ur-Energy came along with an attractive proposition? Maybe there's a requirement for Nucore to work 'exclusively' for Ur-Energy, requiring it to pull out of all other arrangements. (Maybe this explains why the announcements were made in the same 24hr period).

The bottom line is Nucore now believes that Ur-Energy, not PEN, has the "projects and people and very attractive platform on which to build a globally significant Uranium supplier"

Dr. Alan Marlow recently 'walked' at a time that should be a particularly exciting stage in the company's progress. Now Nucore has walked. Will this become a trend?

Upmarket may be correct in what he says about the 'over-analysis' but based on the broader intent of the relationship with Nucore (that clearly went beyond the CR)I suspect that there is more to Nucore's 'walking' than just unsuitable market conditions.

Of course, if there was more to it - if there was a falling out - we will not hear about it.