Ann: Annual Report 2016-NTL.NZ, page-8

Placemakers, I think the placement to Amer ship has sailed. Undersubscriptions must be placed within 60 or 90 days or so. Such a takeover by Amer would have to go through the Takeovers Code, Overseas Investment Office and also a provision under the Crown Minerals Act.

My view is that these matters will take more than 60-90 days or whatever it is to deal with.

The comment by Matt Hill 'assuming $2.1m is raised' relates to the calculated cost of getting bulk sampling up and running, being cash flow positive 8 months down the track. All of the NTL calculations say $2.1m to fund bulk sampling. I do not think Mr Hill would have been saying "I think $2.1m will be raised" as an arbitrary comment lol..

I think, as a shareholder, we should offer Amer a private placement of up to 19.9% to avoid all of the above laws and regulations, at a nice premium to the capital raising. How does 2-3 cents per share sound?