Ann: Lady Grey Exploration Update, page-91

I don't agree with that. Back in the old days the company got diluted to buggery and some holders sold out at a loss and some averaged down and have to keep averaging down just to keep up. No difference to today. It's just the way minnows go without any exploration success. The only real upticks were a couple of JV's and the early potential in Mt Andewa.

Do you think retail could have raised $2.2m or even $1.0m. IMO retail would not have stomached anything of the sort in this depressed market, and sophs would not have stomached a higher price. Had the raise gone bad, we would be in a pickle right now.