Ann: Trading Halt, page-78

I am very surprised by the 7.5c raise although I filled up at 6.5c some time ago. Personally I will fill my boots on Monday if this opens at these levels, quite certain institutional shareholders will oversubscribe this offer. However IMO there is no doubt this will be 4x these levels next year. With an $80 SPOT this share is way under valued for what will be the largest miner in the USA within 12 months (at present). New well drilling is currently being undertaken and I expect results to follow soon all of which will increase the life of mine and resource. The new Dagger property is a huge additional resource which will again IMO significantly increases life of mine and resources and completely ignored in valuation. In my opinion the size of this capital raise to be a fully self sufficient miner with own mill is chicken feed compared to the capital requirements of any other developer or other miners still in care & maintenance requiring a re start decision. Government funding following their due diligence will also be a big boost endorsing the validity of PEN and the future value of this resource to the USA. I am very disappointed of course where my holding is today but I remain optimistic that this time next year all will be forgotten and PEN will join the 400% club of my other holdings.