well said. It is clearly a top-up. By the AGM in November I hope that they can show they have put this $8m to good use. It could for example pay for an extra 20,000m of drilling (on top of the 20k already announced).
It also buys UMC time to get the shareprice higher (through a JORC indicated resource, feasibility studies etc..), before a capital raising to fund mine Capex. (I am hoping for a dilution of around 20million shares).
I think it may be worth digging into the Bahrain link too. How did this guy get involved? Was it through Ocean Equities, or is there a mutual friend?
Joel
UMC Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
