"He was asked a direct question at the AGM re doing a PP and he said they were financed into next year. He knew this PP was being done and he LIED. What a piece of work."

Wes didn't say there will not be any PP, he said there were no needs for one, since there was 20MM$ in the bank.

This is why this makes me think that this PP was not an usual private call for cash, but rather a 'convenience' placement with a specific investor, with whom it were probably 'agreed' to arrange this Placement when and if the SP would be around 1,25 $. A FT placement would give a net cost well below the gross investment, probably near 1$ in this case. (It would also be interesting to know if any individuals are participating in this FT PP...)

As I said earlier, I would not be surprised if Dundee was one of the "certain institutional Investors" referred to in the February 12, 2010 Prospectus filed as regards the issuance of 2.4MM shares @ $2.75 "pursuant to a settlement agreement" entered into with Noront.

GLTA.

BaBe.