helo,

There may be some volatility in the short term depending on how the market will react (SP going ballistic would be good), but the big picture looks good. It would appear that ER was borrowing a page from ICG playbook: Raising as much money while you can... with the least share dilution.

- It's quite a feat to raise $10M with the majority of shares via FT shares @ 0.91 (50% premium). They can do quite a bit of exploration/drilling with $9M.

- A small portion 1.9M as regular shares at 0.51 (slightly low), but the portion is small. After all, they need this $1M for general expenditures (i.e. not subject to FT conditions)

- Dilution is around 7% (but for an additional $10M in treasury).

GH