fortrend, page-17

No question the fortnightly drawdowns were not a good idea...in hindsight.

I feel like maybe the original intent behind that was to try and limit dilution. Perhaps the board (incorrectly) assumed there would be a positive reaction to the scoping study announcement (don't get me started on this one!) or the GC drilling results so they only did a bit at a time to try and raise at higher prices.

Put that together with Fortrend's stated intent to support and participate in MNMs progression, it seems like a reasonable approach at the time.

Remember, it worked after the first drawdown. The first one was done at 8.7c while the 2nd one was done at 10.22c.

But, after the next 3 drawdowns, and with evidence to back up Fortrend's selling patterns, they turned instead to a soph placement.

It's possible this was the scenario - not saying it necessarily was the situation, but its a plausible possibility.

We are all experts in hindsight.