The placement is within the ASX/ASIC 15% maximum limit (without...

The placement is within the ASX/ASIC 15% maximum limit (without prior approval of shareholders) so thats sits ok with me.

I doubt whether Jabiru will be "the sophisticated investors" taking up the full 39 million shares as suggested. Even if it was it would hold only 30m + 39m + 6m (1 for 5) a total of 75 million of the new total of shares 353,620,707 (262,183,923 + 39,000,000 (new issue) + 52,436,784 (1 for 5 existing shareholder rights isssue) that is a total of 21%.

I think the rights issue will be strongly supported by existing investors given the stage (moving to definative feasibility) the Phillips River project is at and the current market sentiment in relation to emerging gold companies. Also at 5c per share it is a substantial discount to the current share price. TTR have pitched the issue price at a very attractive level and with the associated renouncable 1 : 5 rights issue is has given existing investors protection from dilution of equity.

So I don't thing the underwriters will end up carrying too many unwanted entitlements at the end of the day.

Now with the previous post intimating that TTR was at risk of losing control to a block of shareholders including Jabiru, Royal Blue/CTS etc., I doubt it for the present time. The Top 20 is very much on-side with the current management. However, having said that I have always said that Jabiru or Mincor may want and are certainly in a position to persue greater holdings or in fact launch a T/O of TTR down the given their cash and revenue positions, synergy and potential to add diversification to their companies.

I was quite impressed with TTRs market activity today with the SP holding ground on a relatively negative day. With the Scoping Study as announced due to be released within the next 9 days there were very few sellers wanting less than low 8s. This indicates to me that shareholders are pretty satisfied with the makeup of the Capital Raising.

There will be more definitive information regarding entitlment dates and market date for rights shortly.