NGE have to issue the new shares within 3 months of 23-05-2011,...

NGE have to issue the new shares within 3 months of 23-05-2011, the scheduled date of the AGM.
I note they propose to issue the shares progressively to sophisticated punters and I would expect before the Siphon-1 results in August.

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From the AGM Explanatory Memo 21-04-2011

""""Resolution 6 ? Approval for the Issue of up to 100,000,000 new securities
For the purposes of ASX Listing Rule 7.1, subject to the approval of shareholders, the Company would like
authority to issue up to 100 million fully paid securities in the capital of the Company at a price per share that
is at least 80% of the average market price for the shares calculated over the last 5 days on which sales in
the shares were recorded before the day on which the issue is made.
The Company proposes to offer the securities to professional and sophisticated investors and other investors
not requiring a disclosure document under section 708 of the Corporations Act that are known to the
Company and / or introduced by stockbrokers. Any offer of securities made by the company and agreements
entered into in respect of the shares will be conditional on this shareholder approval. Allotment of shares will
occur progressively as the Company places the securities with investors.
No securities will be issued and allotted by the Company later than three months from the date of the
Meeting of the Company.
The securities proposed to be issued will have the same rights as other fully paid securities of the Company
already on issue.
Any shareholder who votes on of this resolution will not be able to participate in the proposed issue of
securities.
The amounts raised are to be applied to fund the Company?s exploration activities and for general working
capital.""""