interestingly, just last friday transerv annou, page-4

Guys, this is from the Notice of General Meeting 8 November 2010. I'd be happier if you'd DYOR, but here it is for you:

The Resolution
For the purposes of Listing Rule 7.3, the following information regarding the issue of the Placement Shares is provided as follows:
(a) The maximum number of Shares to be issued pursuant to the Placement is 250,000,000. The Company may issue such lesser number of Shares as required.
(b) The Company will allot and issue the Placement Shares no later than 3 months after the date of the meeting.
(c) The Shares to be issued under the Placement will be issued by the Company at an issue price of at least 85% of the average market price of Shares over the last five days on which sales in the Shares were recorded before the day on which the issue is made, or if there is a prospectus relating to the issue, over the last 5 days on which sales in the Shares were recorded before the date of the prospectus.
(d) As subscriptions to the Placement have not yet been arranged, the allottees will be identified at the Directors' discretion but will be sophisticated and professional investors (pursuant to section 708(8) and 708(11) of the Corporations Act), who are not related parties or associates of related parties of the Company.


Last weeks Trading Halt is directly related to this intention to raise funds within 3 months of that Resolution. It should not be a surprise to anyone - it is to be placed with SI's, at a maximum discount of 15% to last 5 days average price.

Also in the Notice of Meeting, it explicitly says:

(f) The funds raised from the issue will be used to fund any additional exploration and development costs for the Company?s Amazon project, pursuing new opportunities in the resources sector and providing general working capital. The value of funds to be raised is unable to be ascertained given the inherent uncertainty regarding the future Share price which is subject to a range of factors, many of which are outside the control of the Company. If the Placement was completed at 85% of the Share price on 8 November 2010, the Placement would raise $3,000,000 before costs.
(g) Allotment of the Shares to be issued under the Placement will occur progressively.