interesting trading today, page-13

Need to read more carefully then.

14/10/2011 Notice of Annual General Meeting/Proxy Form


"Resolution 7 - General
The company may wish to undertake an equity capital financing to raise further funds, although no such decision has yet been made. The company will consider various forms of capital raising structures including a shareholder rights/entitlement issue and a private placement. In order to maintain maximum flexiblilty to do so, and to preserve the company's ability to issue Equity Securities within the 15% annual limit under ASX Listing Rule 7.1, the company seeks advance shareholder approval under ASX Listing Rule 7.1 for a proposed equity capital raising involving the issue of Shares.

Such a raising would provide the compnay with increased financial flexibility. In particular, it would assist thecomapny to advance the Etango Project with the objective of completing the DFS by the end of March 2012 and to further pursue regional exploration activities. The funds would also be used for any acquisition opportunities that may arrise from time to time as well as supplimenting the company's working capital requirements.

.....

The maximum number of shares to be issued will be an amount which is sufficient to raise up to A$15million....

The minimum price per share will be at least 80% of the volume weighted average market price for the securities in that class. The average is calculated over the last 5 days on which sales in the securities were recorded...."


Some emphasis above is my own to indicate possible timeframes, sizes and prices.

Example issues of $15m...

@ $0.35 = 42.8m shares
@ $0.205 = 73.1m shares

That is some material dilution right there IMO.