everready,I bet you can't show where RC made a promise that...

everready,

I bet you can't show where RC made a promise that there wouldn't be a capital raising.

You won't be able to, because he never said it. What he said is he'd rather use Other People's Money (which has happened via farm outs). He said that he didn't want to keep asking the current share holders for more money, which he hasn't done, either.

Any way that he got money for CTP to continue is a form of dilution. With a farm-in we only get 30%. With more shares on issue we each get a little less. With a bank loan that would have to be paid back before shareholders were returned monies.

This is a good thing. He's talked people into buying in at market price (all the other capital raisings have been done at a discount), and we no longer have a huge financial anchor around our neck.

In fact, should the PL come in and Surprise starts producing then he no longer even needs the $48Mln from the oppies to pay for CTP's share of the Total farm in - $12. This is now likely covered through the other monies he's raised.

There are no broken promises, because he never made any. He always said he would try to avoid asking us to reach into our wallets again, and so far he has succeeded at that.