and i thought bergen was a joke..., page-16

Well I got a reply, but it was so long winded that I've sent another email to get the answers that are needed. By the sound of it though, this $10M is a 'precautionary' raising with no specified budget. In other words, they don't have a clue where exactly this money is going to go, but they'll dilute the stock by 25% regardless just for the hell of it. I'm not joking. His words were "If approved it provides us with flexibility over the subsequent 3 months should it be required." The 3 months is in reference to the anticipated wait time for coal from Penumbra.

I have asked him quite bluntly what this is all about; along the lines of "why issue $10M for flexibility over a 3 month period, do they anticipate burning up to $10M in 3 months on matters not already funded by debt and cash (i.e. Penumbra, Colombia etc)?"

I'll come back when JB is prepared to explain what on earth this capital raising is actually for.