www.citationboardvotes.com, page-62

"There is work to be done and our management (at CTR and LAR) is more than capable but there will need to be a major CR soon, I expect it to be a SPP or RI and I have no doubt existing shareholders will support it willingly. Also that it will be heavily underwritten by folks only too keen to buy big parcels at this level. That form of CR will define the new deal going forward. I hope to see it at a small premium !!"

There is certainly a need for raising cash in the near future but I would like to think the majority if not all comes in the way of project funding or something similar secured against our assets, I don't think we have enough P1 reserves for a reserves based facility. A CR by any means is dilutionary and the less we can get away with the better, traders in particular don't support CR's unless they can make a quick buck and the recent history of many small companies in the current market is that the shareprice drops below the CR issue price.

It's one of the reasons money is raised from SI's ,shareholders often don't support CR's because of previous experience ,the other is it can be done quickly, any raising from shareholders takes at least a month.

Don't get me wrong if they do a CR it should be for all and at the market price of the day or better still a premium and also the smallest amount possible but lets hope someone lend us the cash at reasonable terms (that might be asking to much) and we can avoid a CR altogether.

Cheers Whisky