Further to the above, the following is extracted from the July...

Further to the above, the following is extracted from the July 2018 Non-Renounceable at Section 1.2:

The net proceeds of the Offer after repaying directors approximately $200,000 in loans will be used to enable the Company to repay the costs of the Offer (estimated to be approximately $40,000) and to continue to pursue its corporate objectives, including carrying out planned exploration drilling in PNG (up to approximately $200,000), purchase new plant and equipment (up to $60,000), repay creditors/payables and to provide working capital (in the amount of up to $300,000)

The cash reserves of the Company as at 31 March 2018 were $1000, and $2000 at 30 June, 2018.

It will be surprising if the full amount intended to be raised is actually raised, and then what monies are raised what it will be applied to - Mr Koster and the legal costs thereof?, cost of the Offer? Payments of the recently renegotiated finance agreement (note there has been no disclosure to the market of the terms of the renegotiated finance arrangements) - it must be sizable as the 2016 and 2017 Annual Reports declared the company is in arrears (behind) in its repayments:

For 2016: $158,288 [derived from $311,765 which would have been declared Non-Current Liability and the liability amount owing of $470,053]

For 2017: $210,150 [derived from $195,878 which would have been declared Non-Current Liability and the liability amount owing of $406,028

According to 2017 Annual Report, NIU's Current Liabilities were $1.1M, with $0 (zero) Non-Current Liabilities with $406,028 Chattel mortgage liability, with $2.45M in Current Trade and Other Payables

IMO a significant imbalance of debt with cash at bank of $3,000 as stated in the July 2018 RI CR - DYOR