It's a start I guess, but I suspect they were hoping for a lot...

It's a start I guess, but I suspect they were hoping for a lot more. Note that today's release mentions an alternate funding plan, and hopefully this will be available to the market. The problem is, they'll have to make new shares available at no less than 0.16, so as not to annoy the new instos. This means propping up the share price for the next month or so.

Macmin (MMN) had some awful experiences with share offers to the public that turned out to be more expensive than shares on offer at market prices. Not surprisingly, nobody took them up. Saracen will have to work hard to ensure that the market stays keen to avoid the same fate.

I'd certainly look at topping up my holdings, but I want to see some substantial increases in volumes first, so I know there are genuine retail investors interested.