Ann: Update on Capital Raising and Operations , page-5

On 7th. May here is some of what AYN announced to the ASX:

"The Company has firm commitments for a share placement comprising approximately 75.4 million shares at an issue price of 5.3 cents per share, plus one free attaching option for two new shares issued, exercisable at 8 cents per share and expiring 3 years from the date of issue, to raise total proceeds of $4.0 million."

Yesterday, on 14th. May here is some of what AYN announced to the ASX:

"Further to the announcement of 7 May 2012, Alcyone Resources Limited (ASX: AYN; ‘Alcyone’ or ‘the Company’)advises that, due to the recent adverse conditions and instability in global financial markets, the Company’s share placement will now be undertaken at an issue price of 4.8 cents per share and raise a total of $3.5 million.

The revised share placement will comprise 72,916,667 shares at an issue price of 4.8 cents per share, plus one free attaching option for each two new shares issued, exercisable at 6 cents per share and expiring on 14 May 2015, to raise a total of $3.5 million. Casimir Capital LP was Lead Manager to the share placement."

Maybe I missed it, but I saw no mention of the words "firm commitments" in the 14th. May announcement. Please correct me if the words "firm commitments" are in the 14th. May announcements. In addition, we continue to have "adverse conditions and instability in global financial markets."

Today AYN is currently trading at 4.1 cents, which is 14.6% lower than the proposed share placement price announced yesterday.