Director shares etc...

From SPP ann't -

"Shortfall

There will be a shortfall if less than the maximum number of Plan Shares are subscribed for by Eligible Shareholders (i.e. less than 100,726,009 new Shares). In this event there will be a shortfall and the Underwriter (or its nominees) must subscribe for the shortfall Shares up to the value of $750,000 in accordance with the underwriting arrangements. Two of the Directors, Martin Blakeman and Ian Kraemer have made arrangements to take up part of the shortfall, subject to shareholder approval. "

and

"7. PLACEMENT OF SHORTFALL

In the event that less than 100,726,009 new Shares are subscribed for, then the Underwriter (or its nominees) will be required to subscribe for the shortfall up to the value of $750,000 (subject to shareholder approval). Two of the Directors, Martin Blakeman (the Chairman) and Ian Kraemer (the Managing Director) have entered into sub-underwriting agreements with the Underwriter under which they have agreed to take up part of the Shortfall under the Plan: Martin Blakeman (up to $50,000) and Ian Kraemer (up to $25,000). This obligation is subject to shareholder approval."


If I am reading this right, ordinary holders subscribed for $548k of CR shares, leaving a shortfall of $202k.

IK & MB may have taken up $75k of the shortfall.

Leaving Patto's with $127k at $0.017556 giving them 7,233,995 shares and NO free oppies.

Sophisticated investors also picked up $110k worth.

"The funds raised under the Plan will be used to advance the Company's Norton Gold Project, to further explore and develop its other gold and coal projects, for working capital and the cost of the offer. "

Mantle should now have approx 385mill ordinary shares on issue & approx 79mill options.

A very very good result IMO in this end of the market, especially if IK can deliver on the goal to be in production and cashflow positive from Norton early in 2015.

Good luck holders

B Rubes