You are right Rowscoe about the "missing" $10M being set aside...

You are right Rowscoe about the "missing" $10M being set aside for working capital - and this is in addition to the estimated left over $9.8M from the New Holland loan stated to be used for the same purposes. The Company has confirmed this to me.

As stated in the Ann, these funds will be utilised for an aggressive exploration strategy and growing the Fortnum gold mine reserve and resource inventory with a view to increasing mine life, production and cash flow there.

So, the money position is that:

1. Argonaut finds $30M through equity financing ($20M to be paid in cash to BlueCrest and $10M to be used for working capital).
2. New Holland arranges a loan of $20M ($10.2M for plant re-commissioning and $9.8M for working capital),
3. BlueCrest gets $15M worth of RNI shares,
4. Ascidian gets $50,000.00 and 2M RNI options exercisable at $1.00 by 25/11/13 and
5. If and when RNI exercises its option to buy the existing and currently-being-explored Doolgunna tenement (when that expires I still do not know) from Ascidian then it will pay Ascidian $2M and also issue to it 3M RNI shares. Plus Asc will receive royalties as stated in the Ann.
6. The pricing of the equity financing and the share issue to BlueCrest to be set by 20/1.