arup, page-14

Fair enough Aaronr,

Was thinking along the lines of ESI and the 180+ brown coal power stations identified throughout Europe and ARUP having a very strong presence there.
Its likely ARUP could be commissioning any future plants and would make sense for them to have an equity interest in ESI.

It wouldn�t surprise to see more MOU's signed leading up to the completion of the BFS. Abhijeet signed the 20/20 MOU months before the successful completion of the COLDRY trial. As such any new MOU's are not necessarily predicated on the completion of a BFS. More MOU's, higher share price and less dilution. And let�s not forget the impending changes to the board.

I doubt they would raise any cash at current prices. At worst, sub/foundation holders subscribe to more equity @ 12 cents, knowing they are unlikely to sell or wait for more MOU's and board appointments to be announced and draw on the Fortrend facility at a higher price.

SWIPER,

You can obtain an extract of the COLDRY Valuation conducted by Grant Thornton from Con directly via email. Management forecast is for appx 1 BILLION revenue within 9 years. I doubt this would be derived from clipping royalties.

Cheers
RBA