Ann: Material Gold Acquisition, page-41

"In connection with the Acquisition, Kaiser will undertake a capital raising by the issue
of 25,000,000 Shares at $0.30 per Share to raise a total of $7.5M (Capital Raising). The
Capital Raising will ensure Kaiser has adequate funds to conduct immediate
exploration at both Maldon and at the A1 Gold Mine and have sufficient working
capital. A priority offer under the Capital Raising will be included in the prospectus to
provide an opportunity, but not an obligation, for existing shareholders to participate
in the Capital Raising."