Ann: Capital Raise, page-47

"Wonder IF there will be any more CRs (of similar size) in the interim, can this be categorically ruled out? Yes OR No."
ice I did a rough cash flow today just to see when the next cap raise may be required. Taking in to account the cash balance at 31 Mar, the funds raised since that date including the recent cap raise, and allowing for normal operating expenses, I estimate that we will have approx $3.7m left in the bank at 30 June. That will not be adequate to fund normal operating expenses through the next quarter and certainly will not get us to December when the oppies may kick in. Whether we have another cap raise or access the Mercer facility is something that management will have to consider.