cash, page-8

I also believe they will raise capital at prices higher than were we sit today however with a slight spin.

At the bottom of page 2 of the Investor Presentation it states that Xenolith’s vision is to be the next “Canadian” mid-tier coal company. In addition, page 11 highlights the appointment of a Canadian “Managing Director” during the next quarter. Putting the pieces together I believe that any raising maybe part of a TSX listing sometime 2nd half this year. Otherwise wouldn’t they just be an Australian company with operations in Canada not a Canadian mid-tier coal company? Food for thought.