Ann: Second Supplementary Target's Statement, page-10

It was the behaviour in the two fund raises prior to this TO offer, the majority of funds raised where to pay down the EMR loan facility, with some used for drilling etc and operational costs. Bullzeye having no source of income, is totally reliant on fund raising to operate, nothing has changed in that regard.

The terms may be favourable, but basically with EMR owning a large majority of Bullzeye, most of the money is just moving back and forth between a 100% owned company and a 78% owned company. The leverage of course is dilution, however one assumes that should anyone NOT take up the offer, they are doing so well aware of fundraising and are either committed to partaking in future fundraising, or are happy/resigned to be diluted.

at the start of Nov 2023 the amount borrowed from EMR was $8M, it is now $12.3M, So around $4M in 3 months. The loan facility is currently $13M, so that facility will have to be enlarged again if the TO doesn't end within the next couple of weeks.