Ann: Appointment of CEO, page-116

Only way SRN can raise capital get Saudi to sign formal agreement to develop Victory Bore. If management try to capital raise without formal agreement there going to be very little support and current holders probably won't participate given we well down from last year 1.1 cent raise. We all know Vlad large holding SRN and payment of $10M for Victory Bore still owning only way he get paid if Victory Bore goes into production. In end if all goes belly up Vald will definitely be biggest loser. Also find it strange Vald appoint new CEO unless he confident of agreement Saudi.