it wouldn't surprise me if the company has enough funds to last...

it wouldn't surprise me if the company has enough funds to last another 3 to 4 months which would enable the company to raise money at possibly higher prices whilst the drilling program is on. the announcement states that they are seeking approval no later than 3 months after the date of the 18th may meeting. Not now. i don't understand the current capital raising obsession. do people think these manipulators are now going to try and trap the price at this level until after the 18th May? it doesn't make sense.

the company has not given us one reason yet that they are treating shareholders with contempt imo. every raising so far has been done professionally and at good prices.

at the agm november 2010, they got approval for a placement no later than 3 months and they let it slide. if you think they are looking after their mates, why not do it then before the JORC came out? they didn't because they obviously thought they could do a raising at higher prices.

based on their impressive track record, if they didn't do a capital raising in conjunction with the JORC announcement, then i don't see the point of management doing one now at much lower prices?

my opinion is that the recent selloff was aggressive profit taking. i think recently ELM is a victim of its own success in that there are shareholders out there with large holdings that have been lucky and were sitting on hundreds of thousands of dollars profit. some have had fortune fall into their hands (loose hands) as opposed to having done alot of research to hunt down ELM in the early days and as such are more prone to fear and are easy sellers and have made massive profits. why wouldn't a big buyer/s pull back if they are looking to take a big stake with weak hands falling over themselves to cash in?

some big buys through today at $2.20.

let's not forget that the phase 2 drilling program is only 3 to 4 weeks away. not long.

bye