Ann: Merger Update, page-8

The main reason is that the IO by itself is useless however if you add the tin, zinc and gold. that IO can be extracted with some metal credits that may make the whole exercise worthwhile. Plus IFE have a mining licence that is worth something if a miracle happens and IO goes up to US$80,

Also they are close to selling the barge and they expect some sort of R& D money soon.

So the combined companies could be sitting with $3mill in cash and 12mill OGX shares that could be worth $4 to $6mill later this year.