share purchase plan, page-5

did you read todays news.. very interesting annc just before close.. here is the text:
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6 June 2006
The Manager
Company Announcements
Australian Stock Exchange
Level 10, 20 Bond Street
SYDNEY NSW 2000
ASX ANNOUNCEMENT
Dear Sir,
Re: Joint Venture Partner – Uranium and Gold Tenements

The Company has executed ‘Heads of Agreement’ with Labtam Limited under which that Company
can earn up to 60% in 5 Exploration Licence Applications, 6 granted Prospecting Licences and 2
Prospecting Licence applications. This Agreement is subject to the successful re-listing of Labtam
Limited.
Following the said listing, Labtam Limited will have the right to earn up to 60% in the tenements by
spending a miniumum of $1.5 million over three (3) years. Management of the exploration
programmes will be shared between the parties to the Agreement.
Shareholders in Jervois will be offered priority to subscribe for shares in Labtam Limited prior to
listing.
By Order of the Board,
DUNCAN C. PURSELL
MANAGING DIRECTOR
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As I read it, I see a Resource (U/Gold) IPO coming up with JRV holders getting first dibs.. does this sound right?