bid, page-5

I'm disappointed really because I wanted to be in this project for the long haul and see the future value as being much higher. It's not a winner for me due to carried costs but that's the risk of investing in micro cap specs.

Mawarid will surely win this. The only likely threat is our other major shareholder, John Kahlbetzer. No idea where he would be at but overall 31 cents would be a win for him as it's just over 1 cent prereconstruction and by my estimate his overall cost would be way below 1 cent as much of his holding was acquired in the 0.4 to 0.6 cent range. Further with the board saying they intend to recommend selling I think there is a good chance that this aligns with Kahlbetzer's intentions due to his previous strong relationship with the board.

I sold today as I see no alternative bid coming so, if correct, I see two scenarios. If the bid is successful then the market price won't go higher. If the bid is unsuccessful the price will collapse and I can buy in cheaper. There is no gain in holding, well maybe a few cents for a revised offer.