Management need to show how shareholders will benefit from this...

Management need to show how shareholders will benefit from this deal. Already some big players around there who could lift production levels higher to squeeze newcomers out of play, similar to the plight of smaller iron ore players now.

Very big risk taking on an undefined deposit like this. SPI has to spend our cash to even prove there is a suitable resource, then give up about 60% of our company to compete against large established players.

Time to go back to searching for the right tech project instead of looking for something far away that makes it hard for the market and shareholders to quantify its value. It feels like the board are more interested in keeping their jobs than working for all shareholders.

Its taken nearly 12 months to come out with what looks like a dud deal. To me its no better than manganese. Better to wait for the right project than to start wasting money on this for the next 12 - 18 months anyway.

Some people will be fooled by the 2.8c issue of shares when there is a Jorc resource.This is simply a carrot to entice shareholders to vote for this rubbish. It doesn't mean the sp will be at least 2.8c. It might be well under 1c as the $4.2m price tag is quite irrelevant really. In my opinion, the original $2.1m of shares is more than the project is worth. Another 150m shares at any price seems excessive as SPI has to do all of the exploration. We aren't getting anything but a piece of ground in a far flung country, that we have to spend money on to prove there is a resource, then give away 60% of the company to own it. In effect we spend our cash and end up with only 40% of the resource due to dilution.

I only have 2 million shares so will have little impact on any vote, but I won't support further destruction of the company. I supported the previous 3.5c capital raising and have seen nothing of value for it. Time for the board to deliver or get out of the way.

The above is my opinion only as a long term holder of about 7 years. Others will no doubt see things differently.