"The funds raised from this share placement at ten cents are to...

"The funds raised from this share placement at ten cents are to be used towards expanding Citigolds mining operations at Charters Towers and for working capital.
Mr Mark Lynch, the Managing Director said: "The recent interest shown by institutional investors I believe reflects a broad confidence in Citigolds strategy for the future growth of the Charters Towers gold operations".

My comments:

I wonder if some of us are interested in knowing how much of that $3.5 million will be used in "expanding Citigolds mining operations," and what noticeable difference to gold mining production it will make?

I wonder if some of us are interested in knowing how much of that $3.5 million will be used in working capital? If this is salaries, then I wonder if some of us are interested in knowing how much of that $3.5 million will be used to pay employeees and how much of that $3.5 million will be used to pay Management?

In view of CTO's 18th. May ASX announcement nearly four months ago, "Citigold Raising $18 million to Fund Growth" I wonder if some of us are interested in knowing how raising just $2 million see ASX release "Zhaojin Mining Invests in Citigold" and $3.5 million from unnamed "instititutional investors" (see "Institutional Funds Invest in Citigold") reflects "a BROAD CONFIDENCE in Citigolds strategy for the future growth of the Charters Towers gold operations." (My capitals.)

References:

"Citigold Raising $18 million to Fund Growth" at http://www.asx.com.au/asxpdf/20100531/pdf/31qlklgngzwmz5.pdf

"Zhaojin Mining Invests in Citigold" at http://www.asx.com.au/asxpdf/20100726/pdf/31rhcls3hbpfwf.pdf

"Citigold Corporate Update" at http://www.asx.com.au/asxpdf/20100817/pdf/31rxq1t7xcq46g.pdf

"Institutional Funds Invest in Citigold" at http://www.asx.com.au/asxpdf/20100915/pdf/31sjfkkjyw7wk7.pdf