Ann: Phosphate Projects Presentation , page-8

there should be enough for this upcoming drilling based on last expenses of about $1.6M for exploration and drilling. They really need to stretch this out and complete the infill drilling then get the SP up to some sort of respectable levels before any further dilution. To do anything now would be suicidal IMO. I was worried about it a week or so ago but with the directors buying they will not now be able to do a raise as they have a week to 10 days window of not being legally able to do so.

I did think it might come before the quarterly but now thinking Sept after drilling/JORC and a better SP comes out would make much more sense from all angles.