"circa"

Love the wording in the ASX release today: "Circa 60m fps.." and "Circa 30m free options..." Why would you not know exactly how many shares have been subscribed for. Who cares about the exchange rate. Issue the shares and let the buyers take the FX risk.

It will also be very interesting what terms the P Note has been done at - will it convert in at 10c?? Or a discount to vwap around the EGM which could mean the entire issue gets repriced down.

I also assume the "sophisticated and professional investors" did not back test last Wednesdays trading where the stock was shoved 22%. I feel for the poor retail client who was talked into buying that stock at 10c. I assume their advisor will be under the spotlight - not just from his poor clients!

Did the new investors look back over the last 6 months of preso's where Mgt have been promising "Reserve Report update commissioned expected May 2011" (May ASX Preso).

The same preso talks about taking their acreage posi to 10,000. At current market rates that would be about $400/acre or US$2m. That does not leave much left over for drilling boys!

Why would you not release the reserve upgrade and then raise money??

The new personnel are so "senior" but they can not be named - odd!

How can 5000 acres be a "strong initial land position.."??

Something very on the nose here punters! Be careful! I give it 3/4 months before they are back cap in hand again.

Obviously the market agrees...Ouch!