Looks like a very good deal. Only placing 4 mil shares at 35...

Looks like a very good deal. Only placing 4 mil shares at 35 cents with rest of purchase price of $6 mil funded by debt.
The ferrosilican businessmakes $3.3 mil a year profit for only $6 mil place lock in supply for key ingredient to produce magnesium.

The directors own 60% of the company - they don't want to dilute too much.

Lets see if the market thinks so.

Still on track and on budget for 20,000 tonne p.a magnesium plant by 31 December, 2011.