Ann: Funding for Grandis and Nomgon, page-58

Tough day at the office for Elixir shareholders.

Today marks a line in the sand moment following the decision to fundraise now and for the time being going it alone and remain 100% owned.

I respect that the timing has many investors disappointed and certainly when first announced I was as well as I had been buying recently and wasn’t expecting a cr.

However as always I look to the positives,

1. now that it has been announced and $7mil of institutional and soph investment is committed, it is very likely that with the news flow on the horizon ie Mongolian CBM updates due shortly and of course the drilling of DD2 that the sp will be allowed to move in the right direction.
2. Our immediate neighbor to the west in Qld being Shell commenced their drilling program
3. The r & d rebate now 48.5% up from the estimated 43.5%
4. “About to spud the third well in our pilot program in Nomgon which is designed to increase the flow rates we have been achieving to date”
5. Still 100% owned which allows maximum return if and when we achieve success in either of our projects.
6. Options at 12c strike point good be a nice bonus for todays pain.

I will be participating in the spp as I do think that this will be the last we will see of these prices in Elixir’s future.

Looking forward to DD2 drill and more news out of Nomgon asap!

Cheers
Peter