It looks like they over sold the PP by 2.2 million shares. I guess they needed the extra 1.54 million to update www.ironbullmining.com

JUNE 4 2008
Subject to regulatory approval, the Company will conduct a private placement of up to 85,106,383 units (the "Units") at a price of CDN$0.70 (US$0.705) per Unit, for gross proceeds of up to CDN$59,574,468 (US$60,000,000).

JUNE 26 2008

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced June 4, 2008.

Number of shares: 87,375,169 * .70 = $61,162,618

$61,162,618 minus $40 million to Luxor and a finders fee of $3,052,983 to WFG Investments Inc. leaves Palladon with $18,109,635 in the bank to get the job done.

Now I wonder if Luxor had put in their $5 million of the start up cost before their buy out? Most likely not.

And once Palladon pays off these SOB's $40 million for doing nothing for the last 3 years they still owe Luxor another $25 million at 11.6% interest plus the original Loan of 9.2 million at 9% interest. If they take one year to pay it off then with interest that would be close to $38 million still owed to Luxor by July 2008.

Now an update on Palladons Annual Financials for 2007 and plus a 1st Q for 2008 may explain where all this?

http://www.palladonmining.com/s/Fina...