Ann: Trading Halt, page-32

Lets not beat around the bush, the company needs cash. It is capped at a dismal $6.7m, and could be drilling duster after duster at Serra Misteriosa. Its a good time to do a capital raise, and in my opinion the management are minimizing dilution with this raise (compared with the other alternatives). I would have liked to see a well-known institution or two participate, instead the register will be dominated by retail investors who tend to be a bit more emotional than their sophisticated counterparts.....

This is a good deal for existing shareholders. Fully diluted at 0.5c, CTM will be capped at $13 million. Excluding options, $8.7 million. Fair value for what CTM have on their books IMO. I'm assuming Serro Misteriosa is a dud too, so if it surprises there is a lot of upside.

After buying in at an average of 0.84c, and taking up my full entitlement i will have an average buy-in price of 6.8c which i can live with. A lot of shareholders will feel forced to participate due to dilution, but that's the risk you take when investing in a micro-cap with no money and 1:1000 chance of finding an orebody.......