converted options, page-5

I am sitting here with my cheque ready to send off to convert C options, and its not really that big a cheque, but I have to say it feels like a leap of faith.

Looking at the last quarterly report, specifically the cashflow statement appearing way down below the colourful exploration piccies, it becomes clear that with their current quarterly exploration spend levels they would basically have NO cash without the ongoing exercise of options. Tell me if I am misreading it, please.

So I am thinking that, given the Jun08 options are underwater = no new cash coming in, maybe the directors are having an audacious last roll of the dice to get enough cash in the door to last a few more months in the hope that some deal (any deal) comes off. How better to get some cash in quickly than by the free shares, free new oppies ploy?

I guess I can't really say that it feels like bad corporate management, some may in fact say the opposite, but as I say above it feels like a real leap of faith.

Maybe I should just go back over some FS posts again & again to feel a bit more confident about the prospects, rather than worry about this position that management have got the company into financially.