new issue anns, page-4

Actually 80 cents per share is not a bad issue price. This was probably arranged as part of the issue last week. Remember the share price was 45 cents less than three weeks ago, so to get the first placement off at 80 cents when the price had only hit that mark immediately before the placement and a further placement at 80 cents a week later is pretty good going in my opinion.

You say a lot of people will get burnt - possibly, given the almost vertical rise it wouldn't surprise me to see a pullback over the next week or two. Buy-sell depth also suggests a pullback is coming up. We also haven't seen any details regarding the new coal tenements yet. However, it is a coal explorer and therefore anyone investing in expectation that it can only continue to go up is a fool. And if it does pullback I can't complain as I was in just a couple of days of listing so at this stage I have a near five bagger in just three months.