Alkane Resources Ltd (ALKEF)

[maybe_this_time]

While this is pretty thinly traded, it's been a picture of strength through the recent market turmoil. Wish I picked some up back when I looked at it more closely last month. May have to pick up a lot today...

[Hockmir]

Up .055 overnight in Aussieland. I'm OK with that.

[Hockmir]

Looks like Alkane is up 0.105 so far tonight in Australia. Looks like tomorrow might be another good day for us here in the US

[Hockmir]

Not a glamor stock, but keeps winding upwards nicely over time. Who couldn't like that?

[Hockmir]

Here is the text of the announcement:

ALKANE RAISES $21 MILLION BY WAY OF SHARE PLACEMENT

Alkane Resources Ltd (ASX:ALK) is pleased to announce that it has completed a placement to
institutional and sophisticated investors to subscribe for 20 million shares at $1.05 per share to raise $21 million before costs of the issue.

The placement, managed by Petra Capital Pty Ltd, is within the Company’s 15% capacity in
accordance with ASX Listing Rule 7.1 and is consistent with the “excluded offer” provisions of section 708 of the Corporations Act. No director or their associates participated in the placement.

The Company is pleased with the response from investors and has been advised by the manager that the placement was substantially oversubscribed. The issue price of $1.05 represents a 9.9% discount

to the closing price on the last day of trading on Australian Securities Exchange.

The funds raised under the Placement will be used for:

i) completion of the DFS on the Dubbo Zirconia Project and for ongoing marketing
development

ii) preliminary development costs of the Tomingley Gold Project and further resource
evaluations

iii) continuing evaluation of the Company’s other existing gold and copper exploration projects

iv) the costs of the issue

v) working capital.

This is the announcement referred in the Company’s request for trading halt dated 8 February 2011.

[Hockmir]

Trading resumed. Placement of 20 million shares to raise funds for ongoing projects.

Here's the link:

http://www.asx.com.au/asxpdf/20110211/pdf/41wqdxz81nv56k.pdf

[Hockmir]

The public release on the Australian exchange indicates that Alkane requested a halt in trading pending an announcement of a capital raising. No further information at this moment. If I find out more, I'll post it.

[ellwodo]

Any guesses on reason company requested halt in its trading today?

[maybe_this_time]

Seems like this company is undervalued just looking at the gold resource. Wonder if Neumont is going to deriverfy into REEs someday. Alkane appears to have a good working relationship with Neumont. Interesting. Thanks Hock.

[Hockmir]

And in the mean time, while the front runner REE plays get all the hoopla and arm waving, Alkane is slowly winding upward in PPS.

[MWM]

http://www.alkane.com.au/presentations/pdf/20101123.pdf

marking the board on the mods excellent recomendation...

[Hockmir]

Another day, another interesting REE play.