this is a good deal folks

Whilst a tad disappointed that the placement was not done AFTER at least some of the imminent news it will put a solid base under the share price at 7.5c.

As others have said, PEN was trading sub 7c only a week ago....a month ago - sub 6c.

The extra options and the claim that the placement is at 5c (or whatever because of the options) - bollocks.

1. 7.5 now becomes a line in the sand. A major line.

2. The market - instos, large funds, big dollar investors - now know therte are no more juicy placements in the wind - they want a position in PEN - they buy it - ON MARKET.

3. IT'S A GOOD DEAL FOLKS - even if the instos get some extra cream - that is they way the game works - like it or lump it.

4. Capital raising is another sign that there will be no last minute jiccups with permitting imo.

Pala and the other instos do their due diligence - they would have been talking to the NRC repeatedly over the last few months.

5. With the news from Karoo, resource upgrade etc - now their is no spectre hanging over PEN from an upcoming capital raising the only way is up imo.