uranium, page-7

There is only 12m priority shares to be issued to WAS holders on a pro-rata basis. Not sure how they will determine who is entitled but would imagine it may be those who hold enough to be entitled to apply for about $2000 worth of Rum Jungle.

With around 560m shares issued and another 175m planned there may be close to 780m on issue (including options that may get exercised) by the time the prospectus is released.

If all holders were to recieve a priority application we would be entitled to apply for 1 RJ share for every 65 WAS shares held. That means to get a minimum $2000 worth of RJ (8000 x 25c shares), you would need 520,000 WAS.

As not all holders will be entitled there may be say 480m WAS shares being held by those entitled to participate. In this case we would get 1 RJ for every 40 WAS held, so you would need to hold 320,000.

Regardless of what figure is eventually used to determine who is entitled, there isn't many shares up for grabs to WAS holders and I will be applying through the public allocation whether I get a priority allocation or not.

I would have thought management could have given shareholders with a marketable holding the right to apply for all the shares before offering any to the public. I know the company is saying all WAS holders benefit through the company's holding but it isn't the same as holding shares directly.