Ann: Westgold Strategic Alliance and Placement, page-19

Appreciating that its not straightforward in this market to raise cash, however placing to a cashed up mid cap mill owner at a discount is plain dumb. To not have tied down the commercial terms of the Ore Purchase Agreement (OPA) is a mistake and is likely to deliver another sting in the tail. OAU is hardly going to be negotiating from a position of strength, having handed 15% and a board seat over. The best endeavours requirement to negotiate an OPA is illusory. Another market reminder that its all about the quality of the people involved.