new acquisitions = growth = $1 per share

From Bob Cook and todays announcement:

“The capital raising is to provide funds to further Ash Creek operations and also to fund the pursuit of new acquisitions in line with our growth plans for Elk.

These value accretive opportunities exist now
and management wish to be in a position to conclude negotiations which are unlikely to wait for cashflow from either the Grieve or Ash Creek EOR project’s production. Importantly Elk is in a growth mode.”

It sounds like new growth acquisitions are imminent, hence the need for fresh funds to secure deals that could not wait for cashflow from Grieve early in 2013.... This stock just keeps getting better.

Furthermore, great to have the existing major shareholder continue supporting the company and new institutions come aboard the register.

This thing should be $1 before Christmas 2012....