Ann: Invictus Energy Quarterly Report & Cashflow, page-43

We should be doing an on market Rennounceable Rights Issue for about twice as much as required so there is no need to underwrite. Then if there is a shortfall we are still covered and can use the excess, if any, for future drills. For those that don't know the Rights can be priced at say 12 cents and you as a shareholder can sell your Right on market or pick up additional Rights at about the difference between the Right price (12 cents) and the market price. This is the fairest way to raise money for all shareholders. Some shareholders will sell all or part of their Rights on the sharemarket and some will buy additional Rights. The Rights would be valuable until excised making it likely most Rights will be taken up or sold for someone else to take up. If the share price increases in the mean time, shareholders get the benefit. 167 million Rights at 12 cents per share would raise $10 to $20 million.