Ann: Director Resignation, page-4

Have gone and updated my notes on this one.  It took lots of time, effort and paying back creditors to tidy up the company - one assumes this was all for some ultimate purpose, not just to let sink into the sea again.

Points of concern .. admin and spend far from frugal.

• 30/6/16 admin $181k  and cash EOQ $1180k
• 30/9/16 admin $191k ,  staff $81k  cash @ EOQ $877k
• 31/12/16 admin $64k , staff $34k cash @ EOQ $763k
• 31/3/17 admin $99k , staff $30k cash left $626k

One hopes that admin has been new project DD and legals etc.

That being said, at this price .. its around the same as where Directors and Associates got set.

$1.5m raised at 0.0025c per share and another $1.5m @ 1c per share.  Gives an average of 0.625c /share buy in.  Each of the directors, including our recent departed  .. has plenty of skin in this.

And most compelling, is the director options.  These were issued for no consideration, but there are lots of them and a some intriguing hurdles. Shares need to trade at 3c  and the options are excersisable at 1c.

Ive also got another order in at 0.6c  .. at this price, presuming management get something over the line soon - there is plenty of room to move.  Risk is that they raise more cash, at these levels though would hope its minimal, or on decent terms.