ceo for a year., page-38

You raise some good points with the payment of $3.75m. I assumed that it applied to the exploration areas and P Hill was excluded, but from your post, my assumption could be wrong. If so, and TOE has no "dibs" on OZL at all, then I would suspect that OZL would be happy to sell TOE.

OZL has marked it's TOE holding to market a number of times and taken small hits on the P & L. This could be readiness for a sale. The cap raising will show whether OZL is still interested or not. If they do not participate or participate less than they should, that will send a message. All the other OZL shareholdings are in companies that are exploring for copper/Gold or have copper/Gold in their portfolio. TOE does not match this pattern.

HT1