issue macq bank, page-31

Mac Bank must have come to an agreement with TGS regarding the options. There will be some dilution when all option holders exercise at .45cents at the end of March because after these forthcoming announcements are released they will be well and truly in the money. I feel that Mac Bank may have agreed to put a floor of .50cents on the shares.
With another $34m in the bank from the options surely there would be no need for any further capital raising until the infrastructure costs for the mine start to mount up in early 2009. I hold 200k shares in TGS and am anxious
for TGS to get to production status.