Ann: Private Placement Completed Oversubscribed-BRN.AX, page-65

LT view for a $185m MCapped company, a raise of $5m+ @ a substantial discount is not going to be a big issue, but the short term outlook has been muddied quite a lot... the momentum we saw in the fantastic rise from 10c ==> 30c in just a few days has definitely been arrested for a while (needs some SOLID ann to get back into that mood now)...

ALL companies have these MATES RATES discounted spp once a year... it is the most worst kept secret in the ASX junior world... I always think that if these sophs were falling over each other to buy these shares, why place it at such a steep discount? why not at par or even at a 1c premium? (the same issue happened at KNL last month when the sp had run from 19c ==> 34c and then a CR was done @ 23c - OVERSUBSCRIBED - CBA got on to the register with 5% holding)... the momentum got arrested and the sp is now below that CR by 6c...

hope BRN has some news coming out soon to see something like that not happening here... fingers crossed but overall not happy with this piece of ann... could have got 22-23c easily imo...