Ann: Private Placement of Shares , page-10

Same sort of modus operandi as per first 38c CR and placement to Lithium Investors. trading halt before market can price good news up and CR holding back any initial excitement. Oz investors will be a bit nervous piling in not knowing what the Canadian placement will be at while Canadian broker may well have got script in advance to help put a lid on upside breakout. Could have run the share price to FAIR VALUE on this new discovery and then gone hawking around Toronto ... but always easier to sell when placing at a bargain price. Put your hand up if you think 13c is an appropriate re-rating for this new discovery?

Everyone likes the thought of Canadian enthusiasm running up the share price but it doesn't come for free. I thought we had a development path locked in with MINIMAL dilution, which was part of the reason Patto's upped their valuation from $2 to $3. Now the company has diltued shareholder valuation for cash we don't immediately need. I cannot see how $20M in the bank will add value greater than the dilution. I do not see that $20M is needed for a few drill holes in Grandes to firm up resource potential. Grandes will always be a second cab off the rank and AFTER a period of argy-bargy surrounding solare consolidation. Cash reduces risk but also reward.

I trust that RS believes long term canadian investment interest will mark up market value by more than the dilution and he could well be right.

goodluck