Ann: Announcement of Rights Issue, page-16

Very disappointing company, after a previous $25 mill raising they don’t have much to show and rather than do a minim share issue not to heavily dilute holders they announce a 1 for 1 at their lowest.

It would have helped if management had shares themselves and announced their support and own take up. I guess they show their support and confidence by their generous pay salaries for taking the company to where it is now. If there were any substance they would have had the issue underwritten and I don’t believe there will be much take up. They must think holders are stupid and have endless money pits to support their privileged lifestyles.

Look at KRB management for shareholders, they were nearly out of working capital and did bare minim share issues until they sold their potash lease with the company now having around $11 mill of working capital to advance their projects and market cap of $6 mill.