Ann: Significantly Oversubscribed Placement Commitments $3.2m, page-17

Hi baldwidx,

Your spot on regarding this not being a good deal for existing shareholders. But no doubt the ramp brigade will try to convince you it is all good.

Well Cedric what happened to the just needing to pay around a million dollars to complete the purchase of the phase two wet plant. You have had access to that money for ages now to complete the sale but you have not done so, why is that so?

So now the commissioning has been blown out to the 3rd quarter with maybe cash flow positive by the end of the year. I bet the people who are holding options will be praying that commissioning goes a whole heap better than it has for the phase one plant or those options will be dead in the water.

Like i have said before, imo, i felt something was not quite right regarding the money from Magna and NSL not needing to draw all of what they previously said they needed. IMO Magna put the brakes on releasing the money as the phase one had not proven to meet Nsl`s production forecasts.
Now existing shareholders are being diluted even worse than if the money was used from Magnas loan.

Poor performance once again Cedric by management.

Regards The Tinhopper