Ann: Completion of Due Diligence and Notice of Me, page-111

re: Ann: Completion of Due Diligence and Noti... Thank you for your tax advice sales. I will be sure to keep it in mind. It's even almost accurate.

The rest of the post is pretty much down your usual standard which is to act as nannooks chief cheerleader whilst not addressing the topics discussed in any way that provides useful information to the reader. Nannook can make his own points without your parroting him and I'm quite certain he knows more about what he's taliing about that you do. Let me know when you've provided an original thought and I'll be sure to read it. In the mean time just keep waving those pom poms and providing nannook with an automatic TU on ever post.

The points you give are all known and accepted. I'm shining a light on the deal and it's terms. I favour a tie up with a partner such as Bayan without question but not at any price or conditions. I'm querying the aspects of the deal and not whether we should have such a partner or not. Despite your rave reviews of managament I'd say it's been pretty ordinary so far. I think I could fit most of the coal we've managed to mine and sell so far in the boot of my car (in fairness, it IS a station wagon). We've lumbered from one deal to the next without actually ever achieving anything except diluting the SP to hell and gaining mining rights (well sometimes...cough KI cough) to a bunch of mines we lack the money to produce from. In short KRL has potential but it needs someone to pull it all together and that is outside the means of the current management.

I'm interested in your statement that no more placements will be required. Perhaps you could elucidate this statement for me because the IER specifically says that Bayan will not be giving money (outside the terms of this deal which I think is $12million or so cash) to KRL. Given that we're still not cash flow positive where are we to get the money to complete the Pakar infrastructure, permitting, drilling, etc? This is another concern I've been having. We still lack money. I'm only guessing but I'm assuming Bayan will provide funding but at a cost of course. Seeing as they are the majority owner I guess we'll have to trust them that the terms are fair. I imagine however that it is likely that the terms will include more shares for Bayan.

If you have information on this or where money will be coming from to cover the costs we are going to be incurring to get these projects into production and ramped up please do share. I'm sure I'm not the only one who'd like to know.