Vote it down - No shares for the boys - Rights issue instead, page-17

Like many s/h, I was annoyed with a cap raise at 2.2 cents, and then adding options at an exercise price of 3.5 cents is insanity.

Is anyone surprised that the underwriter was overwhelmed with the support??? It then raised it from $4m to $10m, so gee I wonder why? Doh, at that ridiculously low price and with the options of course they would come out of the rafters to get on that!

Management need to look at why they were overwhelmed - it was an issue price way too low and the exercise price for the options is stupid. Management need to wake up and if you have these plans, offer it to ALL existing S/H who would likewise jump all over it and would see it oversubscribed.

GLTAH