Just quoting trade4profit in that excellent article he wrote in...

Just quoting trade4profit in that excellent article he wrote in the "corporate footprints" thread of ARE :-

"They have cash to the tune of $2.4m and an effective shareholding in the new merged NEL/TOE entity of some 20.35m shares, which is currently valued about $14.14m…a number I suspect will be significantly higher once the deal is done…giving a total of $16.5m in liquid assets currently at their disposal. With just 135m shares and 6.75m 30c options on the register, we have a fully diluted cash backing of just over 11.6c per share.

Cash at hand is one of the key things I look for in a mining spec in the current climate, as it insulates them from placement related “issues”…or manipulative capping at placement time...but having said that, I suspect they will need to raise money once the current drilling program is done. With their current liquid cash position however, they will not be screwed over it like most small cap mining specs, if indeed they even decide to raise funds rather than sell some TOE shares."

I began questioning why ARE would be bothered getting $12m thru the issuing of 30m shares at 40c to ‘professional and sophisticated investors’; when they could dispose of their 20m or so NEL/TOE shares for net proceeds of approximately $15m.

On further looking into the announcements I get the impression that there has been some confusion between ARE (Argonaut Resources NL) and other entities in which ARE has no connection at all, such as :-
a)Argonaut Limited
b)Argonaut Capital Limited

And this appears to be an ASX issue .... based on ASX announcements "misfiring"

Refer to the 10 July "correction" ... and also the "mysterious" 6 August announcement which found its way into my brokers announcement list but does not appear in neither the ASX or ARE internet sites!

I stand to be corrected, but cannot I cannot see any connection between Argonaut Resources and NEL/TOE!