placement, page-44

Fair point Dex but I,d like to ask the question, if we havn,t been doing anything for yonks then where and why are we burning cash at such a rate and if we are, then another $10m isn,t going to last long.

If management wasn,t in the dash for cash business I,m sure we,d been in a position to raise $10m for 40c =25m shrs

Remember the good old days when we trampled all over one another to take up a SPP at 47c and the crys of rage from those that missed out.

Personally I,m getting a little sick of this GFC excuse. Its been at least 3yrs we,ve getting told Greece is going belly up etc etc and it will be years more that the world will be living with the GFC ( if it ever goes away).

Meanwhile projects of potential are rasing money, there always a place for value and only the pie the sky out there ones need worry.

I believe MEL is not one of them.

My point is that if we keep raising money on the cheap we,re going to dilute the hell out us without being too much further down the road.

With out cross promoting for example another company (in NSW) has raised $100m recently ,kept its share registry well under 500m,now has the money (all this in GFC time) and will be in production within 18mts (not gas related)

We on the other hand are well on the way to 500m shrs and frankly (in comparison to the other) have little to show for it.

If management don,t lift there game we,ll be sitting with a sh registry in the billion and still running of to the pawn shop.