Ann: Vali-3 Reaches TD, page-3

Hi Cara,
MEL must be selling some of their remaining BYE shares to meet their "cash calls" since the last quarterly showed only $AUD651,000 remaining in the kitty. When you spoke with Phil the other day, was there anything you can share regarding MEL's go forward funding strategy apart from the likelihood of modest cap. raise? We'll get some financial insights in the upcoming June quarterly. With Regal's sell down of their VEN holding nearing an end, VEN's SP is marching along nicely on large volumes over the past couple of days, the funding question for MEL is the only millstone around our neck I can think of. Thoughts? Given the past strong subsurface results, if Vali-3 delivers further positive wireline logging results, I doubt the SP will respond much.

Kind regards OldGeo