A friend of mine (who is apparently 'sophisticated') was offered...

A friend of mine (who is apparently 'sophisticated') was offered stock in the capital raise on Thursday morning by a boutique Melbourne advisor. The price is 3c per share and he was told he needed to give a response by lunch because "the take up has been very strong" as they were already past the minimum amount of 70m shares. Apparently the total issue allowed was 70m-90m shares but I am not sure if that was just the 'sophisticated investors' part and there was another institutional part.

So from that i would say the raise has gone very well. In my mind before this raise CXY is a company with some grand visions but some cash-flow question marks; now they are company with grand visions and the cash to see them through to moving forward with some of these JVs.

Boz - the AUD 6m figure is just the media extrapolating 15% of CXY's market cap.

I think Len is raising 2-3m to set up CXY for the coming months. Hopefully it will be announced as such and we get some good momentum into Monday's trading.