The devil is in the detail. It seems that this cap raising is so...

The devil is in the detail. It seems that this cap raising is so that CAP can retain their 60% shares in the JV.

Previous announcement said they CAP did not need to spend any money until Pure metals contributed $5m through to mid 2014.

The management needs to provide more information about new and significant change concerning the JV.

However reading between the lines Pure Metals group seems to be short of cash and perhaps unable to take up this entitlement. Only time will tell.

I surmise in the absence of more detailed discloses that if CAP is planning to use this money to make a payment to maintain its 60% JV stake it seems that this maybe an advance payment to cover CAP position if their was a default by the other JV partner.