BLK-R, page-14

Holders may want to ask the company where/how is the funding deal with pacific road going. If you look at the 24th Nov announcement, the stated time frame for "execution" of the term sheet (whatever that means) was meant to be within one week.

The company has yet to make announcement on any final agreement or in place any loan facility or issue any options/shares to pacific road. However, on the other hand it is raising capital from existing holders. Let us think hypothetically about this scenario. The capital raising from existing holders happens while the funding package doesn't happen. Where will the money go? Can you get a refund?

Some food for thought for holders.