Now we know when we need to come up with the funds to take up...

Now we know when we need to come up with the funds to take up the new option offer to existing options holders (June 2, 2008).

What I would like to know is whether the directors are going to be showing their confidence in the company by parting with their own cash. Geary has 57M Options, McInerney 43M Options and Williams 5M Options - Total 105M Options or 11% of the total listed Options. This means they would need to shell out over $250,000 between them to keep their options alive even though they may have received the options for free. Let's hope they have the balls to put their money where their mouth is...

Perhaps an announcement from the company to that effect would be beneficial to give the punters confidence that they are not just throwing further money away. I, for one am at a cross roads and need some support from the company before making any decision to invest further.

Also note that the offer in not underwritten which means they have no guarantee of receiving the stated maximum amount of $2.2M which has been earmarked for working capital, further exploration and acquisition. If they can't find a home for the oppies not taken up where does that leave them - further capital raising I suppose...

Just my thoughts...