Ann: ASX BookBuild Open Date Deferred, page-10

Further to my earlier post, I was a little disappointed that the Rights issue had been wound back so far as I would have liked them to have the $ to really get into some work in Tanzania. However I think this is actually a pretty prudent decision by management. At the end of the day they just weren't going to be able to raise the capital they wanted in the current market. At least this gets them enough $ to make a start, and it is fully underwritten. Sure, there will be another CR of some sort in the not too distant future, but my guess is that they will re-assess at that time and if capital markets are looking OK that will be the time they go for the ASX listing. I reckon that would be hopefully within 6 months, and worst case scenario by the end of this year, and that sits just fine with me. I little bit of exploration success in the meantime would make things a lot easier and I reckon that's what they'd be hoping for.

I also note in the prospectus that Eadie is applying for an extra 4.5mil shares (approx) along with the .5mil (approx) he is entitled to. One would have to say that is a fair vote of confidence. The 3 directors are applying for another $440k worth of shares between them. At almost 18% of the whole issue that is not bad. If the directors get what they're after they'll be holding around 16% of the company in total.