"The company told him late last year, their intentions were not...

"The company told him late last year, their intentions were not to participate in the IFE rights issue"

But TRF announced to the ASX that the funds will be used to invest in IFE:

"The funds will be used for the following purposes:-
a) To participate in an anticipated investment in IronClad Mining Limited (ASXIFE). IronClad has announced its intention to raise significant project capital for
the development of its Wilcherry Hill iron ore project in South Australia by means of a rights issue to all shareholders."

Who do we believe?

I really don't like dealing in whispers.

On my understanding IFE has not informed the market the company rejected any offer to have the rights issue fully underwritten. Why not? To do so would indicate their strong confidence in the success of the issue.

However, prudence indicates that markets being what they are, having a rights issue fully underwritten is a very desirable insurance.

So I can only assume that TRF/IFE never sought to have the rights issue fully underwritten or failed to get a broker to fully underwrite the IFE rights issue. We really don't know, but the latter is gut feeling. If this did happen I'd hardly expect it to be advertised.

I don't see any in between here. Assuming commodity markets stay reasonably firm the IFE/TRF share prices will in due course make a substantial jump or the reverse with a lot of very angry and disappointed shareholders.

I am watching developments with interest.