Ann: Private Share Placement, page-50

Rocket. You have, I think, proffered a very reasonable explanation for the current state of affairs, albeit it at face value.

While I have no evidence to dispute any of your argument, I am still a little uncomfortable with the way the current situation is progressing, particularly how it is playing out with Mr. Zhe Wang and his offer of a private placement of AUD$1.0 million at a share price of $0.07 per share, as the centerpiece.

Mr. Zhe Wang has over 8 years executive management experience. Zhe also sits on the Board of Beijing Raise Mind Technology Ltd. He has a portfolio of experience, the value adding properties of which, escapes me. The BOD and Executive Team are pretty thin on the ground when it comes to engineering expertise.

Mr. Zhe Wang, "The International Man of Mystery".

1. Mr. Zhe Wang joined the Leigh Creek Energy Board as a Non-Executive Director on 1 July 2017.
2. He was appointed to the Board as a nominee of China New Energy Group Limited (one of Leigh Creek Energy’s major shareholders). And of course, is a useful conduit for information transfer to CNEGL.
3. On 18 January 2019, he picked up a parcel of 2,000,000 unlisted options with an exercise price of $0.35 and an expiry date of 17 April 2023. Has since expired.
4. On 27 November 2020, he picked up 185,853 unlisted options with an expiry date of 15 April 2025. The issue of these unlisted options was in lieu of pay, in accordance with the 4 November 2020 AGM shareholder approval. Still holding.
5. My research suggests that Mr. Zhe Wang does not now and has never held direct shares in NRZ.
6. And now, when the company appears to be financially stressed, he is prepared to provide a placement of $1 million. What a change of heart. Has he won the lottery or perhaps received an inheritance. Of course, this has yet to be approved by the shareholders.

This will put him about No 4 on the Top 20, in one fell swoop.

I can't work this out and ponder on what his motives are in taking on such a large personal responsibility. And what value he intends to add to the progression of the project.

Have a think about it. IMO. J L.