Howdy all.BPO have announced funding. I was happy to see this...

Howdy all.

BPO have announced funding. I was happy to see this because they were pretty low in cash. I rang the company yesterday just before the announcement came out to put my mind at ease. I spoke to Selwyn Snell. He said he was very disappointed at the results of the field testing (announced 12th Feb)and basically said the company didn't believe those results. His feelings could be gleaned from the following paragraph from that announcement.

“In this regard, we will now undertake a series of in-house field trials to ensure
standard procedures and quality control of raw material for best practice in the
formulation of the product which will reduce slight variability in actual. field tests
carried out with Qcide,” Mr Snell said.

Funding Announcement:

Unfortunately I can't get the announcement copied here in a satisfactory format. The basic thrust however is:
8,312,436 Ordinary Fully Paid Shares issued at 5.5c
6,649,949 free attaching options issued on a 4:5 basis
1,500,000 free options issued as consideration for capital raising fee

Options exercisable at 20 cents on or before 25 Jan 2006

The funds raised from the share issues are for the development of the Qcide product and working capital purposes.

There are 128,081,680 fully paid ordinary shares and
64,091,260 options 25/1/06 quoted on the ASX and about 25,000,000 NOT quoted on the ASX.

Hope that is helpful for some.

Tez