presentation to merriman investor summit, new , page-3

Plan B was dated 9/11/09 so they must have had the talks with Investec in advance of the announcement. Looks like Investec are out and they are surching for funds in the US.

Cash in bank is $4M and they quote $8M for their needs in 2010. I presume this is excluding any Gardner Island capital costs.

I really hope that they use foreign funds to advance a JV at Gardner Island but they dont dilute current holders in a grab for working capital. A rights issue / SPP would be much better treatment of current holders. It would also give holders an incentive to hold rather than dump.