Ann: Extension of Entitlement Offer, page-17

So Rights issue offer closes in about 1 hour, I didn't want to see it extended. I expect it will be next week that we find out the result, mind you would be nice to know this week. I note that we are now expecting to re-list early October, presuming try get $2m more than minimum subscription

I had in mind that if try was able to get some where near the 100% of the rights issue they would have enough to develop the Smarts underground without seeking finance. Should note here that try has reserved the right to sell short fall shares up to 3 months down the track so that raises the possibility that 100% of the rights issue will be issued

So I checked back on the prospectus to see how funds would be used dependant on the level of subscription, see tables below.

IMO I think it's pretty safe to assume that minimum subscription plus $2m will be achieved, only getting that far would leave try in a difficult financial position and effectively only have enough cash reserves for 12 months

If are able to get 50% of the rights issue is taken up, nearly all of those extra funds goes to paying off trade creditors. While that makes the debt situation better it still leaves try operating on a shoe string.

Can but hope for 50% or more subscription, I wonder if Barrick will participate. Small change for Barrick to maintain their 4.9% holding rather than dilute 50%

Any way I digress, bottom table shows how funds would be allocated if 100% subscription was achieved. I was surprised to see that most (ie near $15m) raised over 50% subscription is allocated to exploration, while that is a very nice amount to have for exploration I would have thought paying for Smarts under ground development would be a higher priority.

Suppose we will see if management changes track but seems from what I read try will seek financing to the tune of $7m for the development of smarts underground even if they have $16.6m set aside for exploration. Maybe doing that is a way of providing security for the loan

Anyway GLTASH, way we see good news and things go the right way soon