Ann: Appendix 4C - quarterly, page-28

Just 4 years for me jwb, so not as long as yourself.

However, as far as a capital raise goes - I understand that a raise will be required prior to fabrication in large scale and that this raise will be substantial. I believe that this was discussed at the last AGM. So perhaps much different than the previous need for cash. Although orders would need deposits to be paid by customers, deposits and milestone payments would also need to be paid by AKP to the fabricators and so there is a potential cash flow issue requiring capital funding. In addition, there would likely be a need for a performance bond to be held against AKP delivering the chips to a customer. A customer will not place an order if the balance sheet of the supplier is not healthy in relation to the size of the order.

So if we use Bob's previous estimates of possible costs of fabrication and likely profits - $20 per chip x 18 MM chips per first year = $360 MM order. So perhaps 30% or $108 MM deposit. Would you want to give such an order to a company with only say $10 MM in cash? A $50 MM capital raise would seem small if you want to expand production in the second year. So I would expect upwards of that. Likely $100 MM.