Ann: Appendix 4C - quarterly, page-22

Thought I would look at some quick numbers

April 19 (after quarterly report):
Shares on issue approx 500m
cash on hand $1m
Debt about $1m
MC and EV on share price of 2.9c = approx $15m

There was a capital raising of 120m shares in April

July 19 (after quarterly report):
Shares on issue approx 620m
Cash on hand $10m (Net cash $9m)
MC on share price 4.6c = $28m
EV on share price = $19m

So EV only risingfrom $15m to $19m

Any price less than 4c would be at a EV less than before this news. Btw, price today did dip briefly below 4c (a price I put in a bid today)