Ann: Memorandum of Understanding - Placement , page-6

The previous investor was not named but "asian based fund managers and private equity groups".
This was to buy the FeSi plant and there is still a small tranche left ($600K worth)to be issued on settlement. That ann on 23rd Feb 2012, also provided for the investors to subscribe for a further 14.2m shares at 35c, raising $5m less costs.
This was raised by somebody at the AGM with no definate confirmation that it would go ahead at that price (35c) if at all, except to say they would not dilute anywhere near current price.
This supersedes that provision with this MOU ann of 12.8 m shares at 35 cents...not much less than previous, but it seem to one specific shareholder, SZTJI, a property and investment conglomerate.
They will have raised about $4.5m of the $6m cost of the FeSi through the pervious placement when completed, so only $1.5 left.
The Mg Phase II should cost about $16m, so there is plenty of need for funding, unless Phase II is put on hold and mainly funded through cash flow....waiting..waiting...