Ann: Letter to Shareholders, page-113

It's to be hoped that the new management keep a watchful eye on shareholders' funds. First, it was Cobra Plains. Then that got dropped, and Nicanda Hill became the focus. Now Nicanda Hill appears to have been set aside, while Ancuabe and P66 get attention.

And all the while, money has been poured down drill holes - more than 400 of them, according to Pauldola. With very little of the results from them passed on to shareholders. We don't have a DFS, and, with the current prospective cash position, not much chance of affording one.

If Jaded's perceptive deduction is correct, and the CR is pulled, and replaced by a placement of about $5m to $6m, then there will be enough money to make the Grafex payment, and keep the business running (including those management salaries) for a few months. Enough breathing space? We can hope so. The new guys are experienced negotiators, and those skills are going to be called on over the next six months.

And if they do not raise $5m? Then, the situation would become much more difficult ...

Prime1