RAB, I didn't read that. Someone from ROL I spoke to the other day told me that. The 10 million dollars from JP Morgan was also mentioned by Thadius on a thread in Nov last year. A quote from Thadius - "Gary Lewis explained at the AGM that negotiations started with some insto's when the price was as low as $1.30. JP Morgan fund wanted a min $10mill worth or they would invest elsewhere. They could have raised $60mill with the interest at the moment. And yes these insto's did their due diligence prior to investing in placement. And yes it was insto's that are in for the long run. Very few were given to brokers on behalf of sophisticated investors who on sell. Hence the price not dropping back to $1.65 over the last week or so."
ROL was trying to raise enough money to meet their future exploration and resource drilling costs but at the same time increase their investor base and spread at the top end. I'm sure there will be plenty of opportunities for ROL in the future to accept similar offers from JP Morgan if results go well and there are larger capital raisings. At least they've got them on board.
ROL Price at posting:
$1.25 Sentiment: LT Buy Disclosure: Held
