Ann: Trading Halt, page-64

I've been thinking more about the raise and have to admit I'm not too impressed.

It's not so much the need to raise more funds as we all knew this would happen.

It's the timing and recent trading.

Firstly, we were assured that a raise wouldn't be needed until after the trials. Even waiting until after a successful 1a would have seen this north of 8-10c the way MC stocks have been going. Higher share price..less dilution.

Secondly, every run in the past week or so has been sold into extremely quickly. Large sell,orders with the latest sell down after the ethics approval announcement being a good example.

Next, Argonaut have been amongst the largest broker selling BOT (according to broker data provided early last week). If they end up being the broker used in the latest CR, as they were for RTO, surely that must raise some suspiscion ?

Finally, 100 mill shares at 5.5c....really....that's nearly 20% below the closing price at a time the share price is already in a bull run.

Do we really need to raise that much at this level? Why not just a few mill $ now and get Pertmex up and going and the first a and b trials done. Raise a bit more again, but at much higher levels if needed.

And of course it will go to SI and institutions. Huge dilution for us retailers again.

I guess, given how professional, honest and open management have been at every stage so far, I am extremely surprised at what, in my opinion, is a very opportunistic CR that rewards some and heavily dilutes others.

Credibility lost in my eyes.

Milesy