Ann: Quarterly Activities Report & Appendix 5B, page-2

With SP where it is tranche 2 should be voted against. Company didn't have approval for the 1.5c raise price and the qty of units they put on offer. Now SP is trading at 4c (you guys going to tell me it's because of the raise - as if!)

$2 mill in cash, pilot study starts November. If it's good and samples made there should be no problem getting a better raise.