Ann: Non Renounceable Entitlement Offer, page-118

that is the crux of it. Projects get off take finance if they stack up. Too many lined up for an ARB sugar hit, which didnt eventuate. And market is too easily spooked when you have a Note bull in a china shop wrecking havoc.

Catch 22 - Its up to the off take finance to fall into place, to demonstrate to the market that independents view the asset develop-able. . As the rights issue is necessary to get the MRE upgrade to trigger off take. Hence why an MOU is an essential interim bridge part of the CR confidence equation.

The company lives inside a bubble, of its own unique measure of the state of play. The level of matter, solid or liquid state of the off take. It may all well be supremely confident. But what does the market know ? Hence the market is skittish.

If these investors to El Pillar, want access to the lineage of projects we are being offered by the cuban gov, its up to Brian, to pull them in early as a strategic investor in the company to underwrite this CR.

What does underwriting do for confidence ? its says, whether you partake or not, we will have the funds to move ahead.