oversubscribed at 38 cents that was quick!, page-7

According to the September quarterly TRF had $5.250 million cash at the end of the September quarter. However this amount includes $2.302 million cash "Attributable to 50% Minority" - presumably IFE, so in its own right TRF had $2.948 million.

TRF's Net Operating Cash Flows for the quarter was a decline of $3.398 million.

See http://www.hotcopper.com.au/asx_announcements.asp?id=231437

I agree. Raising just "$1,007,000 (before costs)" - presumably less than one million dollars after costs will not go very far:

"a) To participate in an anticipated investment in IronClad Mining Limited (ASXIFE)...

b) Continued exploration at the Companys 100% owned lead / zinc / silver project at Telephone Dam also in South Australia....

c) To follow up new exploration targets overseas.

d) Working capital..."

At http://www.hotcopper.com.au/asx_announcements.asp?id=258475

I wonder if TRF wanted to raise significantly more than just "$1,007,000 (before costs)" through a placement?