I spoke to one of the directors today in regards to the share placement. The share meeting is most likely to take place at the end of Jan and if approved the shares will be placed after that at 10c without any trading restrictions.
He indicated that the shares are being placed with investors associated with the company plus families, friends etc He felt that the shares would be relatively tightly held but there is always the temptation for people to take profits.
Of interest, he told that straight after the ELA's were pegged by Reflective, BHP pegged all the remaining ground in the area. Apparently they were not happy! Certainly indicates to me that the WTN has highly prospective ground/sea.
Also no native title issue over the sea.
I believe this has a long way to run yet due to the prospective ground, the value of high grade manganese and the fact that right next door is such a profitable mine of BHP's. There may be a pull back here and there but in a year or so time from now I think the SP will be along way north of here, you only have to look at the potential value of the resource and the small market cap. Only my opinion though.
Retrac
WTN Price at posting:
65.0¢ Sentiment: Buy Disclosure: Held
