Ann: Company Update, page-9

Strong candidate for the least compelling investment opportunity of the last 5 years.

The tables on page 20 and page 27 say it all. Of the money being raised very little is going to things that could even possibly lead to shareholder wealth, yet the directors will take ~15-24% of the amount raised. In keeping with a 5 year tradition of this company.

I'm assuming that the "company will also have access to the services of certain previous United States based key management personnel" on page 26 means the old RFE hands will be beneficiaries of the $350,000 earmarked for "Data Review, Target Generation & Exploration". Must just be a bunch of paper shuffling because they can't do anything tangible with the proposed funds.

If I were a holder (I sold a long time ago) the only compelling reason I could see would be to get the company re-listed so I could sell at nothing and crystallize some tax loses. That is highly unlikely to happen this year so probably just as well letting the thing go bust and getting the tax loses next year.