Ann: Quarterly Activity Report and Appendix 4C, page-10

It's a large debt. Not a good start for a business to be behind the eight ball from the get-go. Had a quick read and couldn't find the rate but not interested anyway. Last time I was with a company with a large debt, it went belly up. Will watch this one however it seems to me, with this debt on stage one and two more stages after that, they will be carrying debt for many years. There may be a strategy to raise at a higher SP and extinguish the debt, but it has to get there first. Uncertain interest rate environment just scares investors.