Just had another read of the 15 June announcement. The broker...

Just had another read of the 15 June announcement.

The broker VRH is only underwriting up to 5mln shortfall, i.e. AUD500k, not fully underwriting it. Hence the worry on the part of MYG managment and the negotiated payment delay.

NOTICE OF UNDERWRITING OF OPTIONS EXPIRING 30 JUNE 2011
In accordance with ASX Listing Rule 3.11.3 Mutiny Gold Ltd (ASX:MYG), (?Mutiny? or ?the
Company?) is pleased to announce that it has entered into an underwriting agreement with an
unrelated party, Vennor Ross Holdings Pty Ltd (Underwriter), to underwrite the listed 10c options
due to expire at 5.00pm (AEST) on 30 June 2011 (MYGO).
The Underwriter will underwrite up to a maximum of 5,000,000 shortfall shares (being the
underlying securities) resulting from unexercised MYGO options.
The Underwriter will be paid an underwriting fee of 4% of the shortfall shares the Underwriter
ultimately subscribes for (unknown until the MYGO options expire) and a 1% management fee of
the underwritten amount ($5,000).
The Board would like to encourage holders of the expiring options to exercise their options before
the expiry date. It is an excellent opportunity to acquire shares in the Company without incurring
brokerage or any other fees that apply to an on-market purchase.
Managing Director, John Greeve, commented, ?The funds from the exercise of the options will
further strengthen the Company?s balance sheet as we move towards gold production at Mutiny?s
flagship Deflector project?.
Further information concerning the current news and activities of Mutiny can be found at our
website www.mutinygold.com.au.
Company Background
Mutiny Gold (ASX: MYG) is a diversified resourceer read of the 15 June announcement>