I wasn't entirely sure a JV going to be released today, hence my...

I wasn't entirely sure a JV going to be released today, hence my original thoughts that this was purely a finance raising. What I took away from the AGM was that this raising was going to fund their 2009 - 2010 development work, with a focus on further development in ATP626.

Their estimated cost for everything outlined in the AGM was ~$20 million.

The placement of 45 million shares at 30c should net them $13.5 million, leaving ~$7 million to raise from the SPP. At 30c, thats only ~23 million shares, resulting in about 68 million more shares, taking the total number of shares on offer from 330 million, to about 400 million.

This of course depends on many well the SPP is taken up.