Ann: Appendix 4C - quarterly , page-10

They need to find an alternative to a dilutionary cap raising at current price levels. For instance I would not be opposed if the cap raising is at a premium and to a real cornrstone such as the irc project company.

I would think realistically any share issue needs to be at a premium to 3 cents (the last cap raising price)...otherwise it becomes dreadfully obvious our board cannot add the value or the corporate level transactions we need.

Hopefully kieran has a plan which will not result in another disappointment for holders and/or that ominious 2nd strike for his team mates.

Another options is to go to the banker for a straight debt facility. Maybe hard for them to prove they can pay it back though...especially given the speed of progress. Adds risk that the whole company could end up going under if they can't meet bankers deadlines. I'd be ncomfortable based on public information that they can seal the deals needed to ensure a debt facility could be paid back on time...