Ann: Notification of Shortfall- Renounceable Rights, page-3

No real surprises here.

Very difficult market in general and especially for this end of town.

Raised $166k from applications.

Raised another $100k from the Chairman (Kevin W) underwriting.

Total raised $266k.

Another $984k to be placed.

Seems like Patersons will place it and get their placement fees.

Some strong/confident language used in the release - sounds confident of getting the rest placed:

- upon successful completion of the shortfall placement
- total raised under the rights issue will be $1.25m

+ KW taking $100k of shares with his own cash.


Might be some good news around the corner and hence the confident language (sale of Chile for as much as the current MC?).

See how it goes - good start would be for specs in general to wake the heck up - most specs are down 50%+ and everyone is in the same boat - been way too long now and hopefully specs turn shortly.

Cheers,

GB.