spoke to mike woodbourne today

Here are the basics from that conversation and elsewhere:
- 1:4 issue @ 7c is not underwritten.
- following the offer, the market cap @7c is $11.5m, and they will have $4.4m (2.7cps) in cash.
- the two key challenges for the phosphate seem to be:
1. delinating enough resource of sufficent grade
2. beneficiation
- the mining itself and separating of the fine fraction is already done for the diamonds.

Overall I like. The stock is not priced for success. Drummond (MAK) is on the board and will add expertise in phosphate. Woodbourne seems to have a lot of expertise in marine mining. I will meet Woodbourne when he comes to Sydney after Easter.