This just makes no sense. In the latest quarterly (30/4/15) they...

This just makes no sense.

In the latest quarterly (30/4/15) they said they had a short term advance ($500k) that would enable them to pay a deposit for a production (or near production asset) and that it also provided access to funds to complete the purchase even if the p67 or Seychelles farm outs had not completed by then. If the deposit hasn't been paid to anyone, just pay it back. If it has, then where are the funds to complete the purchase as stated was possible?

The Magna facility has only just been opened. It might not be cheap, but doesn't have any outgoing short term cash flow requirement that I can see. Just the opposite surely?

So, what exactly are these short term funding requirements that require us to give away almost everything?

The Acuity CPA facility was extended beyond original its September 2014 end date. I don't know exactly till when, but if it is still in place then that provides potentially $5m of funds. Sure that too might be expensive, but nothing like what we're looking at today.

I've told Stuart Brown I don't think he should accept Tranche 1 from ECP and that the whole proposal should be referred to shareholders before it proceeds at all. Probably too late, but I need a whole lot more explanation before I accept this really is in our best interests.