So Patersons Securities has underwritten the shortfall of 55mill...

So Patersons Securities has underwritten the shortfall of 55mill shares and 27 mill options at a price of 0.004 and 0.007 respectively, all part of the November rights issue.

Now we have a single 15mill seller trying to dump on open, but unless the chart set up breaks down I am calling that sellers bluff.

Chart clearly showing to waves of accumulation on the 9th and 18th of January with respective VWAPS of approximately 0.005 and 0.006. This tells me buyers are willing to step up to the plate to get their shares. The two heavy volume days are proceeded by the price drifting down with volume reducing significantly. This allows any sellers to get out at a decent price but the volume of sellers is dwindling.

We all knew that the raise had occurred in November so this news is no surprise, most likely someone trying to shake the tree? We also now that there should be some news regarding the Halls Creek project and any potential acquisitions soon. I reckon either a few more low volume days followed by a high volume buying frenzy day. Potential target of 0.009 based on the height of the previous flag pole on the chart (i.e. 0.007-0.004=0.003 add to the price that has formed the base over the past two trading days of 0.006+0.003=0.009).

Of course I could have read it all wrong, happy to hear your views.