Ann: Investor Presentation, page-49

And I would think they will do it a little bit later down the track BEFORE or JUST after they do their next BIG cap raise for Refinery Funding. That's what I would do anyway. That at least allows the current SP to continue to grow into its SOI until they conduct what might be their LAST round of large project finance coming from the ' Equity ' side.

So effectively the SP pumps along on positive news from here - raises capital when , if , and closer to that time - then pumps again into a consolidation or shortly afrer where the whole seamless process is almost tantamount to receiving a Bonus Shares ' distribution from the ' Rallly ' which will ensue before or shortly after the consolidation.

And I've seen this phenomenon many times before . Particularly in relation to GROWTH stocks..... I agree with the 10 or 15 times , and could even be 20 by the time they coincide the BEFORE or AFTER raising. I also agree that the OC options would be likely to be cleared up first as I have said this myself before.

Director's unlisted 15.0 cent options raising potentially a further $6 million in working capital don't matter as much t - However , I would say that you would still wanting to be watching closely for them to be converted ' Earlier ' as a precusor or sign of something to come. Whether that's a precursor to Quebec funding or indeed a consolidation would be what that sign would m ore indicate should they be scrambling to convert them early.