Ann: Trading Halt, page-27

So, the near-term strategy is shaping up.

$2m raise now to give them the $ to get an MRE sorted and hence their "ticket to play". Without an MRE (as Wazz alluded to) they don't have a strong hand, but with one, at least they can use that to drive a deal.

I would concur with Barry Fritz, Rising Stars that they are likely to have had interest in their assets - whether unexpected inbound or (more likely) through their own door knocking efforts.

All of this suggests a fairly rapid play is evolving. Get the $2m into the tin, get an MRE sorted ASAP (next couple of months) and then drive a deal before end of the year to both create a tangible value against one of their assets and also give them cash to progress on the remaining portfolio.

At 0.5 cents (being the raise price), we are talking about a post money valuation of just $21.5m, which suggests there is a lot of upside leverage now should this strategy lead to a concluded deal on any one of their assets.