Ann: Same Class Equity Offer (Share Purchase Plan), page-31

It's usual behaviour when a capital raising is announced. People sell down to the nearest pip of the capital raising price on the expectation that all other holders will do the same.

There's always opportunities...

First, the assumption that we've been given "bad" news before the "good" news gives rise to the possibility of a trade.

Second, the knowledge that "good" news is on the way albeit delayed behind 3 self-imposed deadlines by the company (Bonanza).

Third, some traders will take their capital elsewhere at a price below the SPP price which means there is an opportunity "buy below the floor".

Four, only those who held on 25 August 2017 can buy $15,000 each. That's all that is available. If "good" news comes out then any newcomers still have to buy on market.

Five, no shortfall facility with an SPP.

Six, getting some "free" options doesn't hurt.

Seven, the SPP price is above the NTLO price of 2 cents.

Eight, the offer document has just told you they are looking to maximise the bulk sampling to to concentrate up to 100g/t with 5x volume. Wow.

Personally, if they wanted to raise capital I would've preferred a placement at a premium, but seeing as I'm a shareholder I am certainly interested in the company telling/announcing to market the reasons why I should buy. Matt Hill and Charbel Nader can prove they are worth their MBAs by telling us all what they have in store for us.