from todays ferret - if some of you haven't seen itTAMAYA...

from todays ferret - if some of you haven't seen it

TAMAYA RESOURCES (ASX:TMR) had some explaining to do and
executive chairman Hugh Callaghan didn't dodge the issue at the annual
meeting yesterday.
The issue was exactly that - a $20 million placement to
institutional and sophisticated investors finalised just before Tamaya
closed a share purchase plan.
The placement shares were issued at the same 11.5c price as the
SPP shares but the instos also scored 1-for-2 free attaching options.
At first this looked like it might be a case of unfortunate
timing for a company that had been trying for a while to attract more
offshore support as it pursues a dual listing on the Toronto Stock
Exchange.
But Mr Callaghan's explanation was a bit different: "We have
taken calls from shareholders asking why Tamaya decided to undertake
this placement, and why institutional investors were offered the option.
"To explain this in full, you need to be aware of the fact that
the company had first tried to raise funds through a Share Purchase Plan
with existing shareholders.
"However, it became increasingly obvious from very early in this
process that we would not be able to raise the level we initially
thought possible through this strategy.
"In fact, as you will read in the announcement shortly once the
total amount has been calculated by the share registry, Tamaya in fact
raised around $10 million through the SPP.
"Whilst I am on the record as having said that I was pleased
with the response to the SPP given the current equity market conditions,
the simple fact of the matter is that we needed additional funds if we
are to deliver on our plans for 2008-9.
"We are not an exploration company, we are geared, and we don't,
like many junior companies in an exploration phase, have the luxury of
just sitting on our hands for a while until market conditions improved."
All these extra shares and options on issue haven't helped
Tamaya shares, which are back at the 11.5c issue price after a half-cent
fall yesterday, and down from 15.5c on May 20 on the back of some
significant magnetite intersections in Chile.