40, the last CR (May 13) was at 10 with a free attached 20 cent option so this is in the same vein. Obviously they need funds for further drilling. I don't think anyone will disagree with the use for the funds to prove up the tin resource at Zealous - that looks like a potential game changer. I like the fact that the offer is to existing SH's and is renounceable, that way no one can complain about dilution if they are not prepared to fund the company's on-going needs. Also, the capital to be raised should be enough to get the company through to cash flow from the free carried interest in the Fe at Wilcherry. I agree with you that IFE is the key to TRF's immediate future but you would have to think there is huge upside in the rest of TRF's holdings. I will be quite happy for the lamp in Aladdins Cave to be made of tin ! GLA.
TRF Price at posting:
11.0¢ Sentiment: ST Buy Disclosure: Held
