Ann: Appendix 3B - Exercise of CTMOB Options, page-22

It's pretty simple really. OBS are a tool to raise money at 1 cent. Company has failed to convert these at 1 cent, in fact they didn't even really try to talk up the company over the last 2 weeks. If sophs saw value at scooping up 600 odd million shares at 1 cent then there would have been an underwriting agreement.

The options holders lose and the company (heads holders) lose funding at 1 cent. No one wins from this scenario, if they had have been converted at 1 cent we would have very easily seen a floor in SP of 1 cent.... now SP drifts lower and 1 cent becomes resistance.

So that means the vultures will be circling for a CR at .006 - .007 IMO because we all know the company needs significant funding going forward to finally prove up a viable resource in Jaguar & pay off all the debt that will be owing to various entities from being bullied out of the Salobo Golden Egg.