Ann: Results of Meeting, page-32

The deal was very bad for shareholders indeed. I knew straight away when we refused the revised offer from federation the SP was going to tank like thunder, and it did. The 83m Rua shares don't mean much (Rua will do a Cap Raise and dilute the holdings) and the $3.5m will run out in 1 year (or 1.2 years). Sams Creek? I'm not sure this will work but a lot of companies have tried done and been there done that. Forget about Sams Creek. Siren has $3.5m cash and 83m Rua shares which will decrease in value over time due to CR. Rua will need to do a capital raise as they only have $2m in the bank.