ctp farmin out on rog, page-26

IMO any dilution of shares will be minimal due to the increased cash.

Currently we have around $30M in the bank

If the figures are correct we will add another $22.5M on full take up. But shares go from 600M to 900M. So there is a higher rate of cash per share.

At the moment with 600M and $30M we have 5c per share.

With 900M shares and $52M in the bank we would have ~5.75c per share, so it's improved.

At 600M shares worth 10.5c each, at our last trading we had a cap of $60M, and each of those shares, worth 10c was back up with 5c in the bank. Our other assets were valued by the share market at $30M.

At 900M shares worth 7.5c each (for example), we would have a market cap of $67.5M with $50M in the bank. That's an amazing ratio.

Looking at it another way, if we assume the market continues to value our non-cash assets at $30M, we should have a market cap of ~ $82M, so that would mean ~9c per share.

- Karl