Thanks Hawk, I appreciate the compliment, and good to see that...

Thanks Hawk, I appreciate the compliment, and good to see that my novels get read! ;-)

Robbo, expect the bullish sign. The CR was well oversubscribed by instos/Argonaut, and the company raised more money than expected. I'm very confident the SPP is also going to be well oversubscribed. I have some reasoning to back up my extreme confidence because I know from my small circle of investors how much they put in, and that's only a small number relative to the 1,800 shareholders in KNL. My friends alone would have accounted for almost 20% of the SPP if they got their full allocation, and there is no way they will get it because there are hundreds and hundreds of other shareholders who would have applied, possibly even 1,000. Management have a quality problem at the moment, which is to work out how to allocate, and to start refunding money to people. How many companies in this market are sending refund cheques to people because they were too oversubscribed? I can't think of too many. The only way they company won't send refund cheques is if they elect to take the lot and increase the offer, but I think that would require going to an EGM to increase the 12 month raising threshold. Regardless, this money is enough to see the company through to the investment decision, and should be the last CR prior to development finance, so it's probably the last chance retail shareholders will ever have to get in at this stage. The only caveat I will add here is that if Merelani suddenly lands, that may (and I stress the word may) amend cashflow plans a little as they develop two mines together.

We should have an announcement today or Monday I expect regarding the SPP, and then refund cheques flowing next week. Many people will bank their cheques, but I expect a lot of people will get their cheque back with a sense of disappointment because they will already have emotionally committed to the purchase, and I suspect a number of them will buy on market subsequently. After all, if you are buying into a great investment with an ultimate share price in the $dollars, then paying 17c or 20c is neither here nor there.