rights issue options pricing?, page-38

Hey guys,

Go away for a few days only to come back to a zillion posts on Pen to read.

'In addition
I view a 75% capital raising as a success in a recessionary market...most companies cant get any cash so for PEN to achieve this much cash is very good indeed......'

Totally agree MMM, this junior now has over 11 million in the kitty, sounds pretty good to me, given there has been quite a lot of C/R's by Energy companies of late, I don't know of many that have been oversubscribed.

May I add in addition to the samples and drilling expected soon on Ross and Barber, we also have the General Meeting on the 13th of this month, where if passed, the directors will be able to show their support in Pen with the issue of shares at 2.8cents. I certainly showed my support taking up my full entitlement.

I also agree with you, in that I can't see Pen dropping to low either, as their financial position and outlook for progress from the last time they were at these prices has improved quite considerably.

Anyway Cheers for now

NK