BILLION BARREL BONANZA, page-709

How much will it cost the company to do a company raise? Will it be underwritten?

I think the company should do the following.

1. If it does not need $5m capital, ie it can generate enough income from Canadian oil to fund their projects then do nothing. Shares won't get diluted.

2. If it needs $5m then try to get as many options exercised first as it is cost effective and money comes in much sooner.

3. If options don't get exercised and they need to raise capital, I would look at a capital raise.

There are obviously bigger players in the background that have other interests. A capital raise may not be open to the general public but to only institutions.