Ann: Trading Halt, page-6

As I said back in May, the company had to raise money now. Its clear IMO that its been pushed the past couple of weeks to try and make the terms more palatable for shareholders.

According to the term sheet they are raising $2.5 million at 4.6 cents per share with a 1:2 unlisted 10c option with 2 years to expiry which will take the shares on issue to 1.7 billion. At the last trade price this company is capped at $95 million and they are scrounging around trying to raise $2.5 million. IMO that is totally inadequate and the cash on hand is not commensurate with a company with that size market cap.

And to boot its being done by Evolution Capital. As I've posted previously IMO its all a moot point for those making these decisions when they have a 5 year call option via a non recourse loan provided by shareholders.