Ann: Results of SPP Offer and Compliance Update, page-20

Total money raised from original SPP has already been allocated by management as set out below


The purpose of the Offer is to raise up to $2,396,763 (before expenses).
The funds raised from the Offer are intended to be applied in accordance with
the table set out below:
Proceeds of the Offer Full Subscription %
Permitting and Community
Consultation at Sturec Gold Mine,
Slovakia
$150,000 6.26%
Environmental studies at the Sturec
Gold Mine, Slovakia $250,000 10.43%
Additional Metallurgical studies to
support Pre-Feasibility Study at the
Sturec Gold Mine, Slovakia
$100,000 4.17%
Technical engineering and
assessment studies at the Sturec Gold
Mine, Slovakia
$150,000 6.26%
Offtake marketing, negotiation and
strategic partner discussions for the
Sturec Gold Mine, Slovakia
$200,000 8.34%
Expenses of the Offer1 $37,774 1.58%
Working capital $1,508,989 62.96%
Total $2,396,763 100%
Notes:
1. Refer to Section 6.7 for further details relating to the estimated expenses of the Offer.
On completion of the Offer, the Board believes the Company will have sufficient
working capital to achieve its stated objectives. In the event the Offer is not fully
subscribed, operational objectives are likely to be modified, which may result in
delay or substantial changes to the Company’s future plans. In this event (and
after accounting for associated Offer costs) it is likely that the Company will
reduce funds available for working capital and certain exploration and
development activities will either be deferred in full or will be undertaken with a
lesser cost associated due to a reduced scope of work / design basis.
The above table is a statement of current intentions as at the date of this
Prospectus. As with any budget, intervening events and new circumstances have
the potential to affect the manner in which the funds are ultimately applied. The
Board reserves the right to alter the way funds are applied on this basis.