where to from here?, page-7

Hi GZ,

I did not participate largely due to timing and other circumstances. As I indicated before I just did not have the spare $'s after leaving it a little bit late to liquidate other shares to raise the cash. The week or two before the closing date the market and stocks I could have sold fell to levels that I was not happy to dispose them at.....that simple.

At least with a fully underwritten rights issue there is still no overall shortfall in funds coming in and it gives TTR some solid cash for an extensive exploration program which has already looked promising and may add some real value in the near term.

In reality, I feel no more diluted than I did with previous capital raisings where we did not get an opportunity to participate either. Of course I can go onto the open market tomorrow and probably pick up an equivalent number of share at or under the issue price anyway. Like Billmac says it is par for the course for shareholders to be treated poorly relative to the "sophisticated" side of town and Tectonic is not an orphan there. Junior miners have to rely on funds from limited sources just to keep going and they will grab it from where they can get it the easiest.

Tectonics behaviour in the run up to the rights issue created an environment of uncertainty and saw the share price plunge 30%. I think the poor shareholder acceptance of this offer was to be expected and it backs up my conspiracy theory that Tectonic and other parties wanted it to happen this way. How else can you explain the ridiculous situation surrounding the discounted placement at 8c then discounting it to 7c in a wink as a knee jerk reaction to events in Japan. They sold down the perceived value of a project that had just released a robust DFS and the share price had been strongly supported above 10 cents in the previous month.

We all should know by now the management of junior miners are more concerned about having cash in the bank to keep their projects going (and their salaries). Real concern for the company share price is something that they give lip service too most of the time.

Anyway I think after Wayne Swan's show of confidence in Mining Boom Mk 2 to fund his 2012/13 return to surplus we can relax - can't we? (lol) The continuing expectation of strong commodity prices is something to underpin confidence that The Phillips River Project will become a reality. I think Wayne Swan is right this time at least!