price target 32 cent, page-4

Hi Reiners

Thanks for your model. Even assuming the rest of your model holds up there is no way new equity holders will subscribe for shares at $0.10 when the shares are currently trading for say $0.035. They will simply buy on market if they were inclined to invest in MMI. Any equity issue will have to be priced at a discount to market or at around $0.02 to reflect the significant dilution to existing shareholders.

To raise $30m some 1,500m new shares will have to be issued at around $0.02. Can you model what impact that has on any upside.