Doesn't add to what we already know.It basically says the...

Doesn't add to what we already know.
It basically says the company is worth est. $2 a share (their target price is stated as being 50% of this, ie $1).

Aslo states the obvious that the only big IF is if they get the capital, and how much of the company they have to give away to get it.

Interesting that their estimate of full year profit in 2011 is over 200 Mill, ie over $1 per share.

The Chinese director buying on market will end up with a large part of this at EXTREMELY cheap prices ("He who has the gold ....."). I bet he ends up funding a large part of the project, and having a controlling stake in the company.

If (I am sure it will be when, not if) there is any equity raising, it will simply be a matter of price. It will be (very) lucky to be 85c per share as at the last equity raising, when the Notes were issued.

When I think through this I can't help but feel the AXOGs are the place to be - they get to realise 95c of value to participate in any future raising, and they get a steep discount to the price. Read the prospectus!