ebr to soar-bullitin, page-5

free money!!! A person would be silly not to take up these entitlements. The free options are valued at over 3 cents each so by paying only 9c and getting a free option (which will soon be listed and traded) its like getting a share at about 6c! (they finished today at 10c) This is like free money!!
The valuation below is in the notes for the meeting of 29/March available on the asx announcements.

"the Short Dated Options are to be issued free of charge. Any funds raised from the exercise of the Short Dated Options will be used for the Company’s general working capital requirements. The exercise price for each Short Dated Option will be $0.12 and the exercise date for the Short Dated Options is as set out in Schedule 1 to this Explanatory Statement. Based on the Black-Scholes option pricing model, the Company estimates that the Short Dated Options referred to in resolutions 1, 2, 3 and 4 are valued at 3.41 cents each. Assumptions made to determine the value of the Short Dated Options are an underlying share price of 11.5 cents (12 month weighted share price prior to 2 March 2005), a volatility value of 75% and a risk free interest rate (short term Government Bond rate) of 5.46% pa. If the Short Dated Options are exercised and the exercise price paid, the holder of the Short Dated Options will be issued with one fully paid ordinary share in the capital of Eagle Bay and one Long Dated Option for each Short Dated Option exercised. The Company estimates that the Long Dated Options have a value of 3.74 cents per share assuming a volatility rate of 100% and the same assumptions for the Short Dated Options. The terms of the Long Dated Options are set out in Schedule 1 to this Explanatory Statement."

I'm taking up all my entitlements
Fc