daytrade diaries... october 13, page-57

...FML should move up today

...Focus Minerals Limited (ASX: FML) is pleased to announce that it has raised $A8.25m via a
share placement in institutional investors to expedite funding for big ticket spare parts for
the Three Mile Hill mill and for increased exploration and reserve definition drilling.
Approximately half of the proceeds − which will be raised through the placement of 206.4
million shares at 4 cents each to institutional clients of Sydney based Petra Capital − will be
used to acquire crucial spare parts for Focus’ refurbished Three Mile Hill mill.
When the decision to refurbish the Three Mile Hill treatment facility was taken, the
Company had also decided that significant insurance spares with long lead times would be
purchased out of cash flow next year.
Recent breakdowns at the Greenfields treatment facility had caused the Company to
rethink this strategy and while the suspension of milling has had little or no effect on Focus’
production, it has served as a timely reminder that from time to time things do breakdown
and being prepared for this is very important.