ON the AOI website there is a pdf outline purposes of recent raising, here is an extract
Available Funds and Use of Proceeds
As at February 29, 2009, the estimated consolidated working capital deficit of the Company is approximately $5,200,000. The gross proceeds to be received by the Company from the sale of the Units pursuant to the Private Placement will be approximately $20,000,000 and as a result, the Company estimates that $14,800,000 will be available to the Company.
The following indicates the principal uses for which the Company proposes to use the total funds available to the Company for the eighteen months following the completion of the Acquisition:
Item
Approximate Amount (000’s)
So I guess next step is to inform market re drill schedule
jr
Estimated costs for the completion of the Acquisition
$150
General and Administrative Expenses
$1,700
Work program for the Company’s projects in Ethiopia, Kenya and Somalia
$12,000
Unallocated
$950
Total
$14,800
The Company will spend the funds available to it upon completion of the Acquisition on the planned work programs on the Company’s projects in Ethiopia, Kenya and Somalia, as well as for general corporate purposes. The proposed expenditures are estimates only. There may be circumstances where, for sound business reasons, a reallocation of funds may be necessary in order for the Company to achieve its stated business objectives and the Company reserves the right to do so.
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