Andy,

WEL has mentioned that they raised a good amount last year which they are glad for, but they see that they will need some more to do a full job in 2009. They do not seem to be in desperation. They have taken prudent steps to live within their means and will figure a way through the very-changed picture (R65 - no one can compare today to last year -- amost every stock is trading at levels far below last year - that is the market).

This flow-through will close when there it is filled, or when there is at least a large enough amount to satisfy the company, and they will decide when that is. At this point it is open, signifying that they have not yet raised all that they are hoping for. They have received a number of commitments, but I cannot say how much. No doubt the weak market for juniors has many people on the sidelines; eventually sentiment will change as people regain confidence and move money back into the markets in general and into the juniors (and it is my opinion that it is already improving, as seen in the SP inching up). It is because sentiment has been low that we have this opportunity; otherwise the flow-through would have been priced much higher! JMHO.

NorthLion