northern graphite ipo, page-2

I am not sure why there would be so much interest in NG. They are trying to raise $1-3 mil in their IPO for and I
Quote

"Gregory Bowes, CEO of Northern, stated that "The proceeds of the IPO will enable the Company to continue advancing the Bissett Creek project toward a construction decision in 2011. The proceeds will be used to complete ongoing infill and expansion drilling, metallurgical testing and a pre- feasibility study by the end of 2010, as well as for general corporate purposes. The environmental and mine permitting process is also underway and will be completed later in 2011."

They have also said the construction will cost $60 mil. I am wondering where this will come from. They might be better off just buying SER shares:)

SER is far more advanced with resource with plant in place.
Some other investors obviously think graphite will have a massive future hence the over subscription in NG

On a different note Uley drilling is due to recommence in a weeks time according to recent reports. A company update would be nice. Also Myall Creek drilling due this quarter.

FC