Ann: Rights Issue Completed $1.4 Million Raised , page-3

re: Ann: Rights Issue Completed $1.4 Million ... More than 400 million new shares have been issued and you can't see where you have been seriously diluted? Wow.

Shareholders have lost ~40% of the company to Mr. G so far and there is no end in sight. 9 out of 20 shareholders decided to reject their share in the offering despite the fact that the new shares had been priced at A$0.006, 1/10 of a cent above the all-time-low.

And maybe, just maybe not all HC posters have read the prospectus in full. If they had, they would have found information like this: "The consolidated entity will require approximately $2,000,000 (net of costs) over and above the rights issue currently underway, to be raised by no later than November 2012 to fund its current operations through to 31 March 2013."

And "The minimum expenditure commitments for year 3 of the Adobha Exploration License is US$3,440,000 and the minimum expenditure commitments for year 2 of the Gerasi South Exploration License is US$200,000. The group has pending applications regarding other exploration license areas."

This is why I said there was no end in sight. GIP basically told us that they have to raise cash yet again as early as THIS YEAR and will need much more money after that. To me, this is a perfect example of a "money sink".