Ann: PDF Notice of Revocation, page-13

Common sense tells us there is a big problem here. We needed MMR to get reinstated and raise capital. Without them, I have run the numbers over and over, I can’t see the required cash being raised in 12-24months for the drill.

It is very frustrating that Breeze would contest this Revoked PDF status as well since this wastes precious time. But... i think the truth is, maybe there is no other option. This just adds to my list of why this project is now an extreme risk. The only other options I can think of are: inspecie, or Advent IPO. I think we don’t even have enough time for an inspecie distribution and drill.

They could do a farm in. But according to previous farm ins, I don’t think they have the time to do that either.... Things are getting scary at the moment.

Another problem is MMR being reinstated, they have to change their type of company and comply with those rules. You can’t simply lose your PDF status, raise cash then re-list, i am pretty sure there are other criteria.

I don’t think MMR will be successful in contesting the revoking of the PDF status, therefore, I will now spend some time researching what criteria MMR need to meet to list as a different type of company.