Ann: US Growth Fund investment in Mikoh , page-27

Oh Caribou give it up!

I was at the EGM. There are two fund raisings that have been announced for some months since the Kollakorn deal was announced $1.5 million for Mikoh and $5 million for Kollakorn. I understand and agree with Budcar1 that MIKOH is the butt of every brokers jokes and every one of those brokers turned their backs on Mikoh. The only way to raise money was to find new investor blood and that was pretty much tapped out in Australia although Sealy in his address said that they had found possibly $1 million now but only $600,000 prior to accepting the offer from Kodiak. As I understand it, Sealy did two trips to New York economy, to find new money because of the inability to raise it in Australia. Don't forget that the Mikoh raising was announced just after the last EGM 3 months ago and it is only in the last week that funds were found.

The deal with Kodiak is a good one if you review it properly. The fee was 2 million shares at 2 cents $40,000 or 5% a standard kind of fee I believe. The great thing about the Kodiak deal is that the share price will be determined in the next couple of weeks once the agreements are signed! How good is that? If we did not have a couple of people keeping the share price down we would be giving Kodiak a 15% discount on a 3 or 4 cent price not a 2 cent price. So if you want to turn your ire on anyone, turn it on the guys who mischievously play with the share price every day, not the hapless management.

I love the SPP its giving all the existing shareholders a free kick in front of goal at 2 cents a share. To me it was evident that the smart money was out and about today and my view would be that it won't be long before the buying overpowers the selling. How good is that too? For the first time in how many years we have more buyers than sellers. Also the SPP if only 20% of the shareholders support it, will get about half of the money needed for Kollakorn without giving away the upside to investment funds. The upside remains with the shareholders, so lets all get behind this.

Caribou you can stand back and throw rocks at the management along with rosencrantz, blackswan and surferjoe however in the last 6 months the company has come a long way and the present management and Board have done this for shareholders and we should all be applauding rather than trying to find fault with them just to justify positions taken earlier. Give credit where its due!