annual report, page-6

radgegagde

the company has certainly flagged its intentions for a capital raising

"The Company was successful with its recent Entitlement Offer, the shortfall being placed after year-end. However, because of market conditions, this was a small raising and will need to be supplemented by a further raising this year if the Company is to meet its short-term objectives..............The Board is therefore confident that, with the CONTINUED SUPPORT OF SHAREHOLDERS, the Company can survive this most difficult period and go on to realise the significant promise of its recent exploration efforts"

this is the story of this company - a consolidation which wipes out one lot of shareholders, then eventually there are a new lot of shareholders, and they are asked for more money, then another consolidation etc etc

to get the 115m options exercised, the company is going to have to do something to crank up the share price - but that will only raise $1m (and then create another 115m 1c options - which of course will put a lid on the share price).. anyway, using this scenario, then the company will have 300m shares on issue, and could then make a 1 for 1 issue at 1c (with a free option) - then the company would have 600m shares on issue, - but at least the company will have raised $4m

but what if they cannot crank up the share price - so how is the company going to raise $3m??? - well, maybe they will settle for $2m first. maybe an 2 for 1 issue at .5c, with a free option . the company will also then have 600m shares on issue - but with only $2m in cash .

do not forget that the directors always continue to do well , with director fees etc etc

a stock for the true believers