Ann: Joint venture-acquisition over copper project in Arizona USA, page-11

Chilli,

No one in their right mind would raise that much without discovery. That's simply not how exploration works, and no it's not living off a shoestring.

The project has huge potential but that is not fully realised and this will require significant, and staged, investment. To raise 12 million presently, without exploration success allowing for the appreciation of share price, would be massively irresponsible to shareholders as the dilution would be extreme. Punters want share price growth and over dilution is a killer for this.