These connections may make it difficult for any shareholders to get any of the shortfall - reading between the lines of the last report - I am guessing that any of the shortfall that is available will be going to some of the big investors the SRE have on their side!!
Will make a prediction that this stock will be well over .02 cents not long after the close of the rights issue!
Have taken up all our entitlements- and will try to get some more on any shortfall - well here's hoping!!
Big potential here for large % move in the share price! - you will find that any shortfall will be quickly placed - existing shareholders who did not take them up will be very disappointed - all I can say is "told you so" and the company has encouraged shareholders to take up - read letter from the MD
ie- "I believe 2009 will prove to be a very significant year of progress for our Company"
"Certainly the Company’s major shareholder, Stirling Resources, will be taking up its rights
and as well has sub-underwritten the issue as Stirling appreciates the significant potential
upside for the Redbank project"
"The 2009 Redbank budget of $2.5M is focussed on exploration within ERL94 and is
designed to deliver a doubling in mineable sulfide ore resources to support a 5yr mine
life, at a minimum production rate of 300,000 tonnes of ore though a sulphide process
stream. This will require drill delineation of at least 1-2 further Bluff/Sandy Flat sized
deposits. Previous exploration on ERL94 indicates the most advanced targets currently
lie within the Redbank-Bluff corridor. The proposed programme has the aim of
generating and confirming targets and ranking them in order of priority, followed by
efficient drill targeting of sulfide breccia pipe zones to open-pittable depths.
New oxide resource definition is planned only as a secondary process to the sulfide
delineation, by virtue of the smaller volume of material likely to be encountered in the
top 35m in any newly discovered pipe.
The total proposed 2009 exploration budget is $1.9M, of which around 60% is direct
drilling expenditure. A further $600,000 is earmarked for mine development studies.
Proposed exploration costs are summarised below.
2009 Redbank Exploration Budget $1.9M"
These are all worth reading in full and research the potential coming up over the next 3 months!!
RBM
redbank mines limited
