they have done it again

This time a MEGA 20% dilution prospectus hit the deck.

The offer is not underwritten, but if they get enough takers, they will issue another whopping 92,400,000 shares !
Plus another 46mil+ options.

The standard accompanying gift of steak knifes - a free 25c Oct. 2008 option with every two shares subscribed for.

The question is - will these MMN options be in the money in ten months time?
MMNO not looking crash hot atm.

Announcement issued by the professional geologists with plenty of past experienced in mining shareholders pockets.

Still a lot of room for your spec dollars in the big black MacMin hole.


Letter to investors -
"On behalf of the Board of Directors of Macmin, I invite you to increase your shareholding by subscribing to this Offer which is priced to afford existing shareholders a favourable opportunity to participate further in the future of the Company".

The above wording is interesting.
"....by increasing your shareholding...
With the inherent 20% dilution of the 1:5 offer, shareholders participating in full are effectively not increasing their actual % ownership in the company.
In real terms, they are only maintaining what they had before the planned dilution.
Those participating in part or not at all are going backwards in terms of % ownership of the MMN wreck.

Good money after bad is what to ponder.


Prospectus Pg. 17 -
"Directors and their associates who hold Shares at the Record Date will be eligible to participate in the Issue".

Very good - one would expect so, but will the MacMin directors participate by taking up their full entitlement in this offer ???

The directors should come clean with their intentions.