re: Ann: Company Insight Interview - Updates ... Think of the...

re: Ann: Company Insight Interview - Updates ... Think of the dilution to long-term shareholders if an issue is done at 20c... Most would actually be forced to take it up if they want to maintain their position in the project long-term.

In a perfect world they'd raise say $8 mill via capital raising and a further $7 mill via debt facility for working capital etc if required. But no bank in their right mind will happily open a $7 mill debt facility in the current iron ore climate particularly for a non-producing company.

This is what scares me, they've backed themselves into a corner with raising capital the only solution. The only other option is trying to pull the wool over another chinese company's eyes again for half of the raising, still means long-term holders get heavily diluted though. This is where it would be nice to have TRF cashed up coming to the rescue, but they have an empty bank account as well waiting for IFE revenue.

I just watch on with interest now and don't get upset/angry about whats happened. The facts are the facts and can't be changed now, but its disapointing a guy can make quite a few promises, pull in well over $200k a year from 2 companies, which is cash that shareholders have coughed up through captail raisings and yet everyone is still in the dark about when mining will ACTUALLY begin.