oversubscribed at 38 cents that was quick!, page-11

There intentions are easily seen by this placement of only $1mill to use over 3 purposes.

They are entitled to to take up around $9mill worth of IFE shares, so if they were going to do it, this placement was their chance to raise the funds. IMO they have showed their hand which confirms what I was told.

If they feared that IFE could not raise the money, they would have made a more concerted effort to extract more than the $1mill from existing TRF holders.

Please also refer to 15 Dec 2010 announcement which spells out the interest from the bigger players.

Mr Finch, Executive Chairman of IronClad, said: ?I am greatly encouraged by the response to the placement and by the fact that we can now include institutional investors on our register for the first time since listing 3.5 years ago. It is a positive sign from investors that they have confidence in the team at IronClad and share our high aspirations for the Wilcherry Hill project in the future. The funds raised through this capital raising will allow IronClad to become a premiere iron ore mining house in South Australia.?

The rights issue was done primarily to ensure IFE shareholders got one last chance to buy in at the same price as the institutions. Ian has stated, that he will always take ordinary shareholders in consideration as per the last 3 capital raisings.

In saying that, I think there are others waiting to take up those shares that S/holders leave on the table.