Ann: Response to ASX Query Letter, page-97

You hit upon a major issue A2.

Any fund raised will have to be used for admin purposes and BIT will virtually be out of cash by the time the CR is complete.

They won't have enough cash left to undergo any research and the only remote prospect is any outcome from the C14 arrangement. That is a really long shot at best.

They won't raise $2.7mil and would be fortunate if the underwriter goes through with the $750k as was guaranteed. We already know that there will be just north of $500k after costs.

Winding up the company seems the most likely event if that happens. Even if someone takes over the company (for whatever reason), there will be no change to the current value of the company and no benefit to current holders.

OZ Lotto i $20mil next week and maybe that would be a better investment opportunity than throwing cash into BIT's CR.