rights issue status closure date and cash.

For Info please find an update on the Rights Issue, Closure Date & Cash.

Status.
• Ref Ann dated. 2 June & 7 July.
• Close date 2 July.
• Start Trading 11 July.
• 15.5 Mil Shares & 7.7 Mil options @ $0.35 30 June 2009
• As at July 7 5.9Mil Taken up ($1.18Mil)
• As at July 7 Shortfall 9.6 Mil.
• As at 22 July Dr L Pretorius 2 Mil @ $0.20 ($400K)

Current rights issue Status,
• 7.9Mil taken up. ($1.58Mil Raised to date)
• 7.9 Mil Shortfall or 50% taken up.

Closure date of Rights issue.
• My understanding is Icon has 3 Months from the Close date therefore Sept 2 Maybe Sept 11.

Action To Complete Rights issue.
• All the board at BBI and the company had a stand
• J.B mentioned “Other Interested parties” maybe Venture Capital.
• Mt Carbine Contract signed 11 Sept. Negotiation/Selling tool.
• Clearly in these very difficult times the directors & brokers will be doing deals.

Cash flow from Rights Issue. (5 June Ann)
• Feasibility study for Mt Carbine. $1.7Mil
• Exploration & Drilling of north of the open cut. $600K
• Sit preparation $100K
• Ongoing Exploration of other projects $300K
• Corporate costs & working capital. (260K)
• Expenses of the issue. ($140K)
• Total. $3.1Mil.

Cash as at July 30.
• 161K In Bank.
• 75K as part of the Mt Carbine deal.
• Cash flow June Qtr Overheads (-105K) Exploration (-373)
• Rights issue Funds raised to date (+1.58Mil) Less rights issue Expenses.

Summary.
Icon will be working very hard to place the balance of the rights issue.
But they definitely have enough money in the bank to progress Mt Carbine and other projects in these difficult times.

With directors buying on market I am very comfortable with my exposure.

Please do your own research.