significant new business and rights issue

announcement out...

Quite a bit to digest there

rights issue 2 new shares for every 3 held at 2.5c, dissapointing that they have to raise at this price but i guess they couldnt hold out any longer ! OCP negotiations have gone on longer than expected and no doubt the cash id required to get Cape Verde moving forward. Pleased to see that the offer is in the form of a rights issue to existing holders not a placement to SI's.

Board changes look solid to me. It was said at the AGM that Brian had been doing all the heavy lifting and that they were looking to get some new people involved to share the load.

Significant developments in new business...

New opportunity to supply 40,000m3/d facility to a government facility (confidential) that looks to be worth a cool half billion dollars
and
OCP looks to be talking 20,000m3/d rather than the original 8,000m3/d originally flagged as well as the rare earths extraction technology

2.5c is dissapointing but appears to me to be a great chance to load up on cheap stock before these new contracts are brought to fruition