Ann: Pro-rata Entitlement Offer of Options closes, page-15

No such things as pointless post guys, only opinions. I really hope this thread doesn't turn as sour as many others.

@Hotnickel
Very wise observation. However, I do believe that our directors and chairman have made significant and material progress in progressing our lithium brine interests. As @Motorheadbeany said, a deep drill to 1000m is already done, with a next one in the works. Brine pumps started with first results in three weeks (in line with February estimates btw), core results likely to be released any day now. All very encouraging to be honest. As for the 'factory' part of the proverb, I believe our management do have the experience and expertise to manage. Geof Fether has overseen a JV with Cliffs, Sojitz, and NS Iron for Burracoppin in the past, Griffin is directors of multiple ASX companies, Balfe was M.D of an ASX listed mineral developer and Hamer as an ex-partner of a law firm. This is a big pool of talent in my opinion and hopefully enough to run a 'cake factory', metaphorically speaking of course.

Now, I agree that the options were by no means a bargain. They were actually on the expensive side. But I nevertheless participated as the company does the need the money for the next drill. Sometimes, money in capital raisings are no just for the short term gains.

@surphur25
The single brine pump test above the target zone (@540m from memory) was simple to confirm that there was brine. Once this was confirmed, it would be implied that the conductive region in the target zone would also be brine (and not something else such as clay?). Once that pump was done, the drill rig went back in and subsequent tests were all done in the >600m target zone I believe.


As for the options raise, it turned out very well in my opinion with pretty substantial interest from holders and over subscribers I reckon. Geof, Adrian Griffin, Hamer all supported as well and all three fully subscribed I believe. I don't believe G. Balfe took up entitlements. Worth noting that over the last 3 capital raises, the directors collectively have contributed almost $1mil in cash to this company.

A few interesting things. I am not familiar with DJ Coughlan Drilling but they seem to have a lot of faith in us. They held 3,800,000 shares at last T20, meaning they were entitled to 475,000, which suggests they oversubscribed by 2,525,000 options. Wow. (Assumes ord shares holdings haven't changed since then). Also Griffin's buddy Mr Van der laan, also CFO at Parkway Minerals is now on the options register with a huge 2,500,000 holding ($50k worth).

So overall, a very very strong sign of support from directors (and mates) as well as other private investors. Only 25% of all holders (204 out of the ~800 ord. shareholders @ last t20 report) participated but collectively filled 76% of the $1mil. This perhaps demonstrates how confident the bigger holders are.

I feel that these options will well finance the company in the future, and hopefully be rewarding for shareholders down the line too.




Have a good weekend.