No need to rush a placement boys: 6 mill in the kitty now and (safe to say) 8 mill more coming in from listed oppies in July next year. Plenty to keep drilling and pre-feas studies rolling until the end of 2008 at least.
There are around 150.5 M bits of paper (shares + listed and un-listed options) on issue at the moment with another 2.2 M to be issued to the "hard" working directors remaining on the board at the AGM = roughly 153 M all up. This is the numbers to use when calculating potential valuations:
(Tonnes Fe2O3 * $/t) / 153 M = happiness ;-)
UMC Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
