A 1 for 3 rights issue @ 2c plus the same number of free options...

A 1 for 3 rights issue @ 2c plus the same number of free options exercisable 5c within 3 yrs.

OUM will raise about $1m "to provide funding for the company's exploration activities & supporting administrating costs", a particular focus on the Terry's gold project & the Silver Strike prospect.
Underwirtten by the Excutive Chairman's company for $57500

IMO it is bad timing, I participated in the previous rights issue at 3c & have taken a 30% haircut. That was held when there was some positive sentiment for speccies, now days with the uncertainty in Europe ( will the Euro zone survive? Germany wants out IMO) and the aversion to Aust resource stocks this is not looking like a good bet.There is so much more value emerging in this downturn, provided a recovery follows in the not too distant future.

Closing date June 11th.