Ann: Appendix 3Y , page-25

On a positive note, I got my own options conversion letter in the mail today - and the accompanying letter talks of the projects, the $81 mill deal and the fact that they expect to spend nearly $10 mill this calendar year on drilling (funds from BGM obviously) and approximately $600k will be CAP's own contribution to drilling costs.

By converting their unlisted options the two directors yesterday and today have just put $450k of that $600k in the CAP account.

Obviously, when holders convert their CAPO, it's going to add another $7million plus (There's just over 21 mill CAPO that we'd expect to see exercised)
So the cash flow is very healthy.

Now we need the drills to start talking.

the letter says they expect a 'continuous news flow' through the year with all the drilling.