here's a thought, punters

Immediate issue is cash. We don't have enough to keep the troops fed and projects ticking over without any jv money coming in. It is also evident that the current board is not interested in disposing of our (valuable?) assets, in fact we seem to be accumulating them. Good long term strategy, but the money must come from somewhere.

Ops expire 30-6, and would bring in approx $12m. Not looking good at present due to pending cash shortage and lack of jv result.

JV negotiations leave us behind the eight ball due to our need for cash for 3D etc.

If whn issued an allowed 15% of shares to sophs or a cornerstone investor it would raise about $9m (based on 5c per share). This would give that investor approx 13% of current undiluted capital, and probably a seat on the board.

This would alleviate the immediate cash issue, albeit at a dilution to current holders - we will have an even larger dilution once the 250m ops are issued (subject to terms & conditions)

This $9m would strengthen our negotiating position and may lead to a jv being finalised sooner rather than later, which may bring the sp up and the oppies in the money.

Whn would then have another $12m in the cookie jar, and assets that we can work with.

We have to accept that this will only ever get over the line (Seychelles) with either a dilution or giving up a fair chunk of the leaseholds.

IMO this would be the most logical way to get us financial once again, and in a stronger negotiating position - also saves us putting our hands into our own pockets!

JIMO

Any thoughts??