placement

fully diluted value about 2.5c

Assuming they get all the offers in and extract the 6c out of the poor buggers that hold the partly paids (total $2.4m) they'll need to raise roughly another 3 - 3.5m by end of july to meet commitments and fully secure the Austrian asset.

Can see this hovering around 2.5c for a while until some +ve noises start coming out of Austria to indicate progress.

I note the cancellation of existing options and assume this to indicate some pressure from investors to tighten the issued capital somewhat before they were willing to commit funds.

These will be tough hurdles to jump but once they are cleared the lid will probably come off.