Ann: Trading Halt, page-13

Hey there LOC,

I was out all day so couldn't respond to this. Saw the news this morning via an SMS to my phone. As you guessed i was not happy.

This latest raising adds another 120M shares to the registry. Which will now expand to 462.4M shares. At September 2019 the registry was 242.7M. So in 18 months the registry has almost doubled.

$32m is one hell of a lot for drilling.Christ how many rigs do they plan to have in the field at the same time.

I posted the following extract from a professional investors video the other day. He was talking about his criteria for investing in explorers.

" Does that team have any understanding of capital markets, of how to properly fund raise an exploration company, how to fund raise on the right terms from the right shareholders at the right times. Because you can have a great team of geo's but they dilute themselves very heavily by making bad decisions around financing "

As i have said many times on here " these guys are not mine developers " IMO this latest raising proves that beyond a doubt.

To go to market for such a huge amount of money without even giving the share price a chance to appreciate from the gradual release of positive results speaks volumes about their inability to properly fund raise. It is almost like they don't expect to be able to obtain money on more favourable terms anytime over the next year or 2.