ucl 9 for 1 bid, page-34

"2. UCL have not disclosed the deal with the new investor but for me (see UCL thread), it will be 1 billion shares at 0.4 cents a share."

Vayama, UCL may not have disclosed the issue price, but they have disclosed it is an underwritten RIGHTS issue, not an issue to a new investor. Therefore it will not be dilutive to holders who take up their right.

For those who have been commenting on the UCL/BON sovereign risk issue - Namibia is ranked in the top ten least risky places in the world so it's not really seen as much more risky than Australia - and given the way some state governments have jacked up mining royalties in recent times I wouldn't be surprised to see Australia drop in the next survey. Also, I'm not sure why a MAK holder who seems to be championing the BON takeover by MAK would be making an issue over sovereign risk - sovereign risk (if it exists) won't suddenly go away if MAK's takeover is successful.