did all directors apply for the $15,000, page-5

Sorry dont agree,

It matters a great deal for the following reasons, If you look at the current shareholdings of the directors (leaving aside Options)and the amount held are not large by any reasonable standard

In fact one Director holds approx 776,666 shares (on todays SP that is worth about $46,500) so not a lot of money invested.

Henry Askin 3,600,000 ordinary fully paid shares.

John Heugh 5,741,429 ordinary fully paid shares

William John DUNMORE 776,666 ordinary fully paid shares.

Richard Waddy FAULL

1,831,100 ordinary fully paid shares. Directly
(b) 330,000 ordinary fully paid shares. Indirectly
(c) 225,000 ordinary fully paid shares. Indirectly

Total 2,386,100 ordinary fully paid shares

Grand total of all directors

9,264,195 shares or at todays SP value approx $555,851.70 cents.

I personally hold more than at least one of the directors.

One very important indicator of faith in a company is how much "hurt money" directors have personally put into the company.

The amount of money directors put in is a fairly good indicator of how much confidence they have in the company.

As is the fact that Directors buy shares on the open market, hence the reason why HC (and other forums) indicate to investors that a director has bought or sold.

This is especially so given that the company intends to list on the TSX.

North American/Canadian investors look at each Directors having at least a 5% shareholding in the company.

I wont bother trying to work out the % that the Directors have as a total, suffice to say its small.

If Direcors wont put in money into the company by way of a SPP, it sends a very negative message to investors.

Does not look like a vote of confidence in the company that they manage.

So sorry I dont agree, in fact I say it is critical that Directors show that they have confidence in the Compnay that they manage.

CB