capital raising, page-17

Sullster,

I am FULLY aware of the dilution, and it is painful, but it clearly signals the end of this bout of pain. They now have time and funding to prove they can achieve results, and avoid us a further bout of pain.

Whilst I am VERY disappointed with Petchabun, having been a holder since 2007, what as a minority non-operating JV partner could CVN have actually done differently, done better? About from deciding it was a dud and selling it off when it looked best? - for which they'd have been crucified by us.

Arguably POE the operator could have done better, we are likely about to find out.

Unfortunately this is the game, always surprises. Mostly disappointing, occasionally spectacularly rewarding (as the volcanics initially appeared to be).

EL