market cap 65 million cash in bank 110 million, page-38

philip,

i have the note but its in PDF format, give me your e-mail address and i will send it to you.

watso, they convert 1:1 in 2010. so if you go on the market and buy then at around $0.30 you get $0.066 pa in divs.

they only need to be repaid at $0.95 if the company defaults on the int payments, i dont think there is any possibility of that happening as they have $36m in cash and are now conserving cash.

so in 2010 they will end up with 200m shares on issue. one of the chinese off take partners "RockCheck" owns 13% of the company and has in the past gone on market to buy stock. if they start buying on market again you can bet they will make a bid for it at some point, they paid $11m at $0.85 in the cap raising last year. with another $2.5m they could buy another 10% of the company!!!

thats why i think the iron ore jr's need to consolidate and use their cash or else the chinese will come and get these projects.