Ann: Proposed issue of Securities - TNR, page-117

Flyboy, I agree all shareholders should be included because not doing it alianates most holders.

If other companies can do it, so can tnr, tnr has a history of looking after the select.

This is the 3rd raise that has ignored shareholders, last year we had nva at 1.4c and that was at a massive 45% discount, also it took until this year for the sp to get to the price pre that.

Then we had Managment and another select, and now a select and s708.

Sure it is easier, faster, no approval etc, but it shows a thought process along the lines of shareholders do not matter.

On options, I've never seen them used as a sweetener when the sp is nearly 200% over there strike.

The backdrop was we have had people interested, implying any funds we need will be on our terms, we'll it very much looks like this deal was not on there terms.

7.5m interest, filled in 6 hours clearly shows they were to generous.

Now we have plus 400m 2c options to bring in 9m dollars, it would have been advantageous to issue another serious at 5 or 6c out an extra few years.

They have good projects, so they would have been in the money. If tnr hits 10c, 2c options for free is offensive.

Naturally one can not keep all happy, I've been a ceo and coo and I know capital raising is a balancing act, but I learnt myself a sure way to burn investors is when you play to one group and ignore another.

Here atkeast 10 people have raised the same concerns on fairness, the market disapproved and yesterday I fielded many calls from associates I put into tnr all with the same questions.

This raise was also done within 4 days of relishing after the bullion fx halt. That deal most likely was not factored into the sp.

On relisting, sp had a high of 6.5c on two days and 5. 8 the other two, with Fridays close at 5.8.

Clearly the market liked the bullion fx deal and was absorbing it.

So this cr may have been done a little early and did not take into account the bullion fx value add.

To cease drilling as perez mentioned, means cash may have been slot lower that investors thought it was.

Anyways I hope the next cr includes all holders.