$2.1m debt due to be re-paid on jan 2, page-23

kiril

During one of your recent discussions with Ian or Andrew did they mention that we did not need a capital raising ? If not was post this recently ?
see below( a copy and paste )

I spoke to Andrew on Friday night
We will be updated ASAP, and as I said in my previous post, many will be caught short if they expect a capital raising and the opportunity to buy back in at a reduced price level. Yes kiril your words.

May I take you back to the last capital raising when you posted words to the effect of - we don't need all this cash, the capital raising may well be scaled back and the one quote I really love is management are letting shareholders participate because they want to do the right thing by us.

Sadly the reality was that every single shareholder could have taken up their full allocation of 15K if so desired. Management needed every single dollar they could get their hands on and more as it turned out.

The information you were posting on this forum at the time bared no semblance whatsoever to the final result.

And now we come to the present and your deduction is once again history repeating itself. A 1:8 or 1:10 entitlement and why because of the little amount their raising.

Truth is we got no money at all to advance the business. This current quarterly is another cash burn. Once again we need every single dollar we can get our hands on ! !

My deduction is they must tread lightly first and raise a little cash and then hit us with another capital raising later at .005c to provide working capital so we can advance the business. What are we currently using for working capital - is it the backside out of Ian's pants ?

I don't believe you and I certainly don't believe our Director's.

If anybody thinks I'm being over critical read kiril's recent posts and if possible read his posts during the last capital raising.

The straw that broke the camel's back