annual report, page-163

A couple of quick notes.
- FYI Proactive Investors are paid infomercials
- The register has increased 2.3x not 3x (that is still terrible and I LOL that the argument that its not 3x but 'only' 2.3x)
RE: Ann Report
- An emphasis of matter opinion is common in this space
- The $7.1M loss includes $3.2M for impairment and 900k for options which are 'accounting' non-cash values
- $4.1M was raised during the year of which $2.3M was spent on exploration including acquisition costs.
- Actual cash payments to suppliers and employees totalled $1.8M so cash payments to directors (and their associated consultancies) would be less than this figure.
- $1.6M in loans incurring interest at 10%pa are due on December 31, 2012
- Share issue costs of $700k were incurred, interesting that they have not disclosed the allocation of these costs across the various raisings
- 300M of the options are priced at 3c so well out of the money atm
RE: Celtic Capital
- the issuance price of 5,514,706 shares equates to around $85k, presume the 5M options also issue are worth $15k so say $100k in issue costs = 10% fee up front
- In addition Celtic take the debt back as a convertible note with the ensuing shares priced at 80% of the 10day VWAP. Sweet deal for Celtic

Summary - I wouldn't buy this