confusion, page-12

Stagmnan,

It is a shame that you are right and close to the mark in how placements are done in Australia. Debt raising may not happen now as our weak banks have no guts to back anyone until the cashflow is near guaranteed.I expect no bank to back us as they have to wait for a year to see cashflow to repay them.

As you say a 20% discount from the last 5 day average price is common amongst every company. Just the way it is, and I hope this raising will take care of all capital requirements to give everyone confidence that the project can go ahead.

TRF may end up with a smaller holding but like Greenwayb said, it won't be so bad as they don't dilute themselves furthe either. With 20% free carry the cash will go a long to help TRF shareprice.