nearly time to run

IMO, the sp was being pushed down to put through this placement at 15cps....now done, should be time to set this bird free very soon?

I hold.

regards,

21 September 2007
ASX Code: QMG
QUAY MAGNESIUM LIMITED
ANNOUNCES SHARE SUBSCRIPTION
The directors of Quay Magnesium Limited (Quay) wish to announce that as part of the ongoing review of funding requirements they have today successfully entered subscription agreements for the placement of 16,033,333 new ordinary fully paid shares at $0.15 each to institutional and private investors.
The placement will raise $2,405,000 and the funds will be used for working capital purposes.
Total costs of $30,000 are associated with this issue.
Following the issue of shares under the placement Quay will have 177,335,511 shares on issue.
For further information contact:
Mr Peter Stuntz
Chairman
Tel: 02 8274 0900
Quay Magnesium Limited
www.quaymagnesium.com