disgraceful

You might call it ironic that after telling shareholders $1.70 per share insufficiently valued the company 12 months ago, Brad Sampson, Paul Frederiks and John Shaw now propose to sell 60% of the company for 12c a share.

You might also say they've done as well on the capital management front as they've down operationally, given the price is at a 95% odd discount to the 12 month high, but irony aside for a moment. Why raise this much money at such a horrific price? How can you justify paying a $5.5 million fee. Is that fee unconscionable?

Management made a number of statements which we need an explanation for:

They said they were seeking a change of control. That's not what they delivered. They said they had an indicative offer of at least 35c from their largest holder, but instead that holder dumped their shares at a $100 million loss and walked away, what happened there? That indicative offer is clearly superior to a 60% sale at 12c, UNCATAGORICALLY BETTER VALUE FOR SHAREHOLDERS EVEN IF IT DID RESULT IN A CHANGE OF MANAGEMENT.

Also disappointing is the statement about how they plan to spend the remaining $50 million:

"the balance (of the raising) for development, exploration and working capital purposes (to be agreed between the
Company and Blumont)"

where's the vision in that, kick the can down the road a bit further statement?

I CAN'T OVER STATE HOW DISSAPOINTED I AM IN THIS MANAGEMENT TEAM CHARGED WITH REPRESENTING MY INTERESTS.