Ann: Apollo Signs Binding Strategic Partner and J, page-7

re: Ann: Apollo Signs Binding Strategic Partn... crackpot,

"effectively near $2m exploration spend for 80%"

With the equity dilution I would have called it 84% or 16% for previous AON holders on this latest deal alone.

You didn't mention the fact that the $1.25 million of the equity injection is required to be spent on farm in expenditure, so that confuses the issue even further.

If you take the previous placement as part of a holistic arrangement it starts to look even worse.

You would need a fairly Blue Sky view of the world to not think the entire activity over the last week is not part of an all encompassing arrangement.

It is quite a convoluted way of going about it! Still, I guess it's better than death by attrition!

MI