Ann: Share Purchase Plan Booklet, page-6

This one is going to be quite interesting.

WAF is on a tear fueled with the gold price momentum of late.

On top of all this is the likely inclusion (a certainty) in the GDX and the significant buying required by Van Eck to buy in the GDX fund.

So $1.50 is possible.

That will mean a lot of applications to buy in this SPP at $1.25. The maximum is $30,000 under the SPP. If the average investor applied for say $15,000 then with only 667 investors it would be $10m, which is the maximum under this SPP. I think a lot of investors will subscribe and therefore I expect a big scale back.

I had considered selling some WAF shares (at say $1.40-1.50) to subscribe back in at $1.25. The problem with this "too clever for your own boots" strategy is that if scaled back, you won't get what you want and will have reduced your overall WAF holding - something I don't want to do.

Another possible factor in all this is that post SPP there could be a few sellers to cash in on their easy short term profit, which could see the WAF price then dip somewhat. Though if the gold price momentum continues those shares would be lapped up by the market quite quickly.