Isn't Patterson's underwritting 2.5 million dollars worth of the...

Isn't Patterson's underwritting 2.5 million dollars worth of the SPP. So really OEX only have to worry about the other 2.5 million if it goes pear shaped to get their 5 million. Although from experience in the spec end of town just because a broker says they will underwrite an offer does not mean they will do it;

Yes exactly, I've seen Pattos renege on their underwriting obligations a couple of times of recent times so I wouldn't categorically count on anything. I also do not like placements that don't give a fixed share price but expect you to participate blindly, it smells of uncertainty and lack of confidence. At current share price expect a placement at 4.5c, which is another 111mill shares to be issued if fully subscribed. It's not exactly how I saw it panning out when the share price closed at 21c late July as a result of positive drilling.