Ann: Invictus Energy Corporate & Operational Update, page-245

Okay I'll talk about liabilities. Mk2 ending position is dissimilar to end of mk1 where they had enough cash to cover the costs of these liabilities which they didn't at the end of mk2 and had to rush a SI raise just before Xmas. The first si raise after mk1 happened in April which increased their cash position to 15 million so that is more a like for like comparison ? Then they were able to keep doing 10 mil raises after that.

This last December raise didn't really add to their cash position at all and was used to pay off that 12mil debt. So their starting position is now 8 or 9 mil instead with a depressed share price with the market knowing there really are no instos interested even after a discovery.