what is the advantage of capping?, page-13

i did actually enquire about the Resolution referring to the proposed issue on the back of AGM Memorandum being released - i was told that it is basically a procedural thing to ensure they have the capacity to do this when the need to raise capital arises.

This was prior to the Letter of Intent with Teck being signed off which IMO greatly relieved the need to raise capital in a rush. The $500K cash component will clearly fill the operating costs & exploration is now Tecks resposibility.

As stated in the Memorandum released the vote is for the MAXIMUM of 50M shares to be issued no later than 3 months after the date of the meeting (unless otherwise granted a waiver by ASX for extension).

The shares will be allotted progressively & as of the time of the announcement the directors have not decided as to whom the will be issued to.....

I don't think there is any need for them to rush a placement through at this stage as immediated needs have been addressed through Teck - i could be wrong but thats how i take it at this stage.