Ann: Lodgement of Open Briefing , page-2

So. They are out of cash at the holdco and operating level. They put it like this:

"Whilst operationally we are steady going forward, the current market conditions have impacted our corporate cash and working capital position. With the sale of our interest in VanMag remaining outstanding and our South African cash flows being dedicated to the new Penumbra mine, we are working on various options with a view to injecting liquidity at a corporate level for working capital purposes and the settlement of the final $8.5 million Mashala payment due 30 September 2012. We furthermore envisage lower corporate costs at the holding company level for FY2013."

But they are out of suckers to buy more stock, even 90 odd percent off the highs, so its distressed sales or bailout:

"The notice of meeting issued to shareholders last month seeking ratification of recent share issues and a possible approval to raise further equity was convened to ensure that the company has the ability to access capital should it be required. Issuing a significant amount of shares for cash as part of a private placement is not our first priority considering our current share price and the dilutionary impact on shareholders. As a result, we are actively
pursuing the closure of the VanMag deal, the sale of non-core assets as well as a strategic investment in our South African and Botswana businesses by an established industry
partner."