Ann: December 2015 Quarterly Activities & Cashflow Reports, page-6

As regards Ionic, for a pending IPO it was lacking some detail on cornerstone financing to date.

Whilst Ionic may not want to release who has invested so far, the amount invested to date perhaps could have been stated.

For all we know Ionic could have borrowed the money [sure unlikely] but until it is clarified where the money came from, a loan cannot be ruled out.


The investment in VXL is very much in the red and I hope SER directors are pushing VXL along.
VXL quarterly should be issued tomorrow and if something positive it may flow onto SER.

Details on the exploration permits is just sideways stuff - put on hold until the next quarterly is quite likely.