Ann: Successful Completion of Entitlement Offer, page-9

Although raising $6.2m is not bad, they set out to raise $7.6m so they have fallen short so the description of “successful” is not appropriate IMO. The amount raised from eligible shareholders also included some shareholders applying for more than their allocation. I personally applied for additional shares, primarily to acquire the options. I assume the “top up” shares went to new shareholders as they were not “eligible shareholders” to participate in the Offer.

I have done very well on a couple of occasions from accessing options (IVR) and expect these options to also produce profits.