appendix 3b ..., page-3

Are these guys serious?
186,500,000 shares issued partly paid @ .1c. (thats one tenth of a cent) This raised $186,500 in total right now. with a 2014 conversion date. These shares were issued "to enable the company to pursue its current drilling program"

Either LKO are down to their last dollar or this is a great rort whereby LKO issued defacto options to a favoured few. Now staff received 38m. So who received the other 153.5m .1c 'options'???

According to the annual they had over 5m at the end of June. they raised $9m in the rights issue. So right now they didn't need the money.

So can someone please tell me how $186,000 is going to make a zot of difference in 'enabling the co. to pursue its current drilling program????"

How can this latest issue at a tenth of a cent can be justified?