Ann: Placement and Appendix 3B , page-3

ah yes, the options are exercisable at 1/10c (one tenth of one cent) - and there are 420m of those options.

this issue raised $55,000 - which will keep the show on the road for 2 or 3 weeks. the real surprise is that the company is able to make the placements at market value.

170m shares have been traded since july 1. watso wonders if some investors (or gamblers), do the company a favour by taking a placement, then selling, and then take another placement - the reward is the free option.

maybe the company will be used as a back door listing - maybe there is a latent iron ore prospect, which could be vended in, for a few billion shares.

sentiment is "sell" - but right now, there is not a buyer - not even at one tenth of one cent