Ann: Quarterly Activities Report, page-9

Exactly but 20:1 consolidation does mean another cap raise is coming especially because they are not forecasting income until the second quarter of next year. If they didn't think there was going to be another cap raise the consolidation would be 10:1. At 9cps it's over valued. 7c is fair value and 5-6cps x 20 is cap raise value which will most likely happen early to mid next year. Unfortunately, they have no choice but to do this. I see their predicament. Shareholders will have to support it. I am waiting for the consolidation to be finalised and trading on market before buying shares unless I see pen trading in the 7c range. Only uranium price rising over 90 a pound will change the dynamics of pens share price in a more bullish direction and that will be followed by a cap raising fairly quickly if that happens as we all know how quickly uranium price can fall again.