Ann: Placement, page-14

I belive that in the September Quarterlies we only had $1.52 Million in cash and net expenditure is running at about $1.48 Million a quarter.

I'd suggest that management have been trying to leave it to the absolute very last minute to do a capital raising, hoping that the results would come in and they would be able to raise at a higher price. If this wasn't the strategy, then they wouldn't have left it so late and with such a low balance in the bank account (at a guestimate).

In a spec stock like this - a discount to the current price would be needed. Often a discount to the 30 day price. It's not too bad. As long as they can spend the 1.5 million well - this is going to be great. It's just unfortunate that positive results didn't come in beforehand.