Ann: Oversubscribed Placement and Vanadium Acquisition completed, page-36

Invincible1,
Deal with it? I wonder what all those Mums and Dad investors who bought shares at 30+ cents would think? I read your comments, but learnt very little..

Without getting into a general debate about private capital, the risk they often take and the commensurate returns expected from those sophisticated investors (note that most investors that i have come across that are deemed 'Sophisticated' by the Corps Act did not qualify via the experience limb of the Act, but rather were defined as 'sophisticated' by the size of their wallets...lol). My comments are very specific in relation to SBR and the information about how they have raised capital on this occasion;

Sherlock Bay is a shovel ready project that is currently viable at current metal prices. No exploration risk. Low capex that may come in the form of bank debt. SBR were in the process of getting a 2004 Jorc signed off by a geo so that is 2012 Jorc compliant without the need of spending a dime on exploration. It was a 'desktop' exercise. After that would have come high level scoping studies (based on high level assumptions), that would convey basic development/mining plans, tonnages, timelines, revenues and costs, and a budget to take through to BFS..

For those investors capable on doing a high level feasibility on Sherlock, wherever you based your assumptions, you would have realised the 70% stake SBR had in Sherlock Bay was worth multiple of the current share price.

My point is that it would have been advantagous for SBR to convert Jorc, do the scoping studies, and convey to the public what we really had prior to doing a capital raising.

Hi Q, I dont disagree with what you are saying about the tenements and prospectivity. My statement was not in response to the new tenements; they may prove to be incredibly wealth accretive. I just saw the capital raising and acquisition as two different events... did we have to raise over 100mil in shares at 1.5 cents when the market and most SBR shareholders didnt even know what Sherlock Bay was? Did we need to give 100mil options away at a price that it was almost already in the money as of today? No wonder it was heavily over-subscribed..

Of course happy to read alternative views..

Goodnight all..