I have copied and pasted and amended my first post on this...

I have copied and pasted and amended my first post on this thread, there was a typo ,the "5" was the number that was supposed to be in front of the GDA...see below, in relation to the number of GDA in the calculation to give 3 new GDAOC free for every FIVE (5) GDA held......

there seems to be a lot of uncertainty.........there shouldn't be .......it's all on the asx news releases and was in the original offer document.


the first post which I have amended to include the number "5" in front of the "GDA".........

"there are two dates that may be confusing.
the first, it has passed....it was the rights........the notice today advises that it was succesfully fully subscribed and gives a brief overview of how the funds are to be invested.

the second key date is to be announced soon for a meeting of shareholders to vote (this month) on a 1 for 10 consolidation of capital,it is eligible for those that buy GDA (and hold) through the ex date ( which we are waiting for in the announcement to be made soon) for the pending bonus ( 1 free GDA for each 8 held ) plus 3 free options (GDAOC) for every 5 GDA held. You don't get the bonus or free options if you own the options ( unless you buy the options and convert them to the GDA share), only holders of GDA shares themselves will be eligible if all proceeds according to that which the company has advised in previous asx notices .
see my previous posts for commentary about the bonus and free options as part of the consolidation.....
click on the "fatstocks " link near the post reply or where ever "fatstocks" is in light blue,it will link you to the previous reviews etc."

I think the company will get a heap of extra cash they weren't expecting, from holders of gdaoa converting their options....two weeks ago they weren't "in the money", plus I think there will be many, many holders of gdaob and gdaoc who convert as well.....
potentially another $1.78 m, add about $519k for the options converted to get the rights and add to the fully subscribed rights cash of about $1.87m
Roughly $4m, when they were expecting about $2m maybe?
This is realy good for the company and will see them able to get more tesing and resource identification , jv negotiationsand quantifying of what the company has across it's deck.
My wish is that they now bring forward testing of the iron ore resource which is a target in the Pilbara which is at wallal downs, along the coast from port headland and just happens to have a 25km strike target.....how many hundreds of million tonnes can fit into half that strike length ? Of course, we don't know, they need to do an initial Flinders style estimate (the 882 tenement) recon' and some aero magnetic surveying, see the gda news released on the 19th dec just gone, tenement E45/3139 looks pretty good....have a look ......It has the potential to be a very significant resource for the company......iron ore located in many locations in the region....have a look at page 2 of the media release.
cheers fatstocks.



cheers FS,