Ann: Application for quotation of securities - NHE, page-8

They can still go ahead with the appraisal program with the cash they have on hand currently. We didn’t raise to execute this program, but for the other projects.

Once we have sample results and an idea of the flow rate, the SP should appreciate accordingly which then forms a great base for a new round.

I always thought the last raise was poorly timed - they didn’t need the extra money to execute the appraisal program, so why not wait until the program is well underway. SP always appreciates during a program and (with positive results) after.

Raising with retail in April, with nothing happening for 4 months, was just poor timing.