$30 million capital raising

Announced on Friday night.

They are going to seek approval at the meeting for this as well.

I note they say that this will allow them more flexibility, for three reasons.

1] They can complete all feasibility studies and progress unhindered in an aggressive exploration program through 2009

2] They will still have preserved their 15% annual limit, and wont need to come back to the market again soon to ask for more cash.

3] They then have the option of NOT drawing on the 2nd tranche of $10m from RCF which as the independent report states is: "NOT fair, but reasonable" ... They propose no time for this, just sometime in the next 90 days ... IF they choose to do so.

I am reading a few things into this:

1] They realise that while the RCF cash was needed at the time ... BMN is worth much more than 61 cents per share, which is the max price set in the RCF deal.
2] They see BMN share price RISING within the next 90 days, allowing a better deal, and therefore less dilution to shareholders.
3] They want to GO FOR IT .. that is, really hit 2009 with completion of the Anomaly A studies & development go-ahead, and full exploration of the best targets & get the value & interest back into BMN ... and NOT be restrained by casg constraints.

I keep thinking back to one of the lines in the "REPORT CARD" of the corporate presentation ... ***Ramping Up Investor Relations*** I think holders will need to strap themselves in for 2009 ... management are going to focus on proving up & showing the full potential of BMN & ETango.