has balamara secured a new project?

After reading some of the last few announcement I believe the company might have secured a new project.

21/3/2012 the company announces cornerstone investor & :

The proceeds of the share placement will be used for working capital and business
development, in particular to secure new projects as part of the Company’s strategy of
consolidating a portfolio of quality resource projects in central Europe.

In particular new projects is what stands out.


After receiving the first tranche the announcement on the 19/4/12 says

“Balamara is drilling full-steam ahead in Poland and Montenegro and we are now into the
final stage of the Togo phosphate tender,” Mr Ralston said. “Having additional cash to
pursue these and other exciting projects ahead will be critical to ensuring we capitalise on
our significant opportunities."


I am pretty sure we had money to continue our drilling campaign for quite some time so the new announcement yesterday makes no mention of money being needed for new acquisitions as it was mentioned back in march. I believe the first investment partially went to a new acquisition as stated (which may not yet be finalized) the new money is for more drilling in our existing projects and drilling for the possible new acquisition.

I am only giving scenarios based on the information the company has provided.