MSC have just announced yet another capital raising for the...

MSC have just announced yet another capital raising for the predictably vague term "working capital" .

For those who might wonder what this means read "money to keep the directors in clover & and to fund continual stuff ups and poor business decisions "



Here they go .........another "opportunity" for shareholders to buy extra MSC shares at a discount .... due to popular demand !!!!.

Alexander says in his letter to shareholders dated April 5 2004 ....."we've raised "over 30 million over the last few years ...... equity finance and debt finance my guess is the figure is closer to 40 mill"


Refer also to the press release dated June 28 2001 !!!!!!.

As I said in earlier posts any one who is remotely considering this company or who still holds .....take a browse thru some of the announcements ...... they range from "plant fully commissioned" to "first sales achieved" to "contracts in place for 90% of production"....it won't take long to reach a conclusion.








PRESS RELEASE 28 June 2001

CAPITAL RAISING PROGRAMME FOR THE SKARDON RIVER KAOLIN PROJECT

Minerals Corporation Limited ('MSC') is pleased to announce it has
mandated both APG Financial Services Limited, (the corporate services
arm of the Associated Planners Group), to raise $10.0 million by
prospectus issue and, Meridian International Capital Limited to
arrange $10.0 million by way of plant leasing facilities. The $20.0
million provides the project with adequate funding to take the Kaolin
business into projected operational profitability in year 2 from
start-up of regular production. Production is planned to commence in
the fourth quarter, 2001. This raising also includes the payout of
$5.0 million in deferred project acquisition costs due to the
vendors.

The above proposed capital raising is subject to MSC shareholder
meeting approval. The proposed prospectus raising is for the issues
of three-year term Converting Notes, which convert into MSC equity at
maturity date at a 10% discount to prevailing market price of MSC
ordinary shares. The proposed ASX listed Converting Notes carry an
interest rate of 11.5% per annum payable quarterly in arrears.

C V Alexander
CHAIRMAN