MarlboroD

The NR says:

"The net proceeds of the Offering will be used to: (1) continue the development and commercialization of the new methods of production of chromium iron alloys from chromite ore and of production of low carbon chromium iron alloys (the “New Production Methods”); (2) conduct a drilling program at the Fishtrap Lake project; (3) continue the Corporation’s exploration program at the Koper Lake project; and (4) augment the Corporation’s working capital.",

noting that

- The wts are qualified for non flow-through shares, so at least that portion could be used for general purposes (item 4 above)

- The rest (1 to 3) is self explanatory, money can be spent on "new production method", the gas-fired furnace, and explorations for both Koper L (BOL JV) and a new exploration at Fishtrap Lake (just wondering what they are looking for at Fishtrap, diamond?, or just want to put a second line of defence for the claims along the esker?)

My interpretation.

goldhunter