Ann: Pro-rata Entitlement Offer of Options closes, page-2

Drilling has already reached 1000m as of Tuesday. Very good. Would’ve preferred a seperate Ann with some photos but meh. My favourite bit was that initial brine sample results will be received within three weeks!!! Much earlier than I expected if I am honest.

All three directors have supported us well during this option cap raising, with Hamer contributing over $30k, and Fethers and Griffin both contributing over $80k each. How’s that for a display of confidence?

The shortfall is also significantly less than I expected as over 75% if the $1mil was taken up by shareholders. I expected something around 60% but I am pleasantly surprised given these options are well out of the money. I am looking forward to seeing the T20 option holders list mentioned in the Ann but I believe Geof forgot to attach it since there’s no second page to the Ann?

One concern I do have right now is whether is $760k raised plus existing cash will be enough to get the second drill going. Hopefully we have enough cash without placing of shortfall but this is nevertheless a short term risk to note.

Let’s hope we get some new marketing material soon but in the meantime, all eyes on the announcement section.