Ann: Shareholder Update - Capital Raising , page-2

Announcement this morning.

"In correspondence received from Monash Capital on 18 July 2012, the Company has been
advised that Monash Capital remains confident that the transaction can be finalised by 26 July
2012.
In the event there are delays beyond 26 July 2012, Monash Capital has proposed a contingency
program comprising the issuance of up to 300,000,000 Fully Paid Ordinary Shares (ESI) at $0.02,
with 300,000,000 Options (ESIO). If the revised program is required and endorsed by the Board,
funds would be provided to the Company as a Convertible Loan subject to Shareholder approval at
an EGM.
In the correspondence Mr. Youren states “We are still very committed to the ECT investment and
are including the company in a number of additional projects that we have underway. We can
confirm that the funding that we have organised in conjunction with our partners IMFA includes
funds for the development of Coldry, Matmor and EL5119."


In other words, everything is better than fine.
They are willing to pay more for their shares which is a good sign considering the large amount.