letter in relation to resolution 10

Today I received a letter from a Mr FW (Bill) Pike, the letter was essentially speaking against Resolution 10. I have checked the top 20 shareholders and unfortunately couldn't see Mr Pike there.

But providing one of you fellow HC users isn't Mr Pike, it certainly tells me we aren't the only ones unhappy about resolution 10.

An important thing that has been missing from RED in my view is why we NEED this additional capital and dilution to our holdings.

I understand that it provides additional working capital, but we don't NEED it NOW. Can anyone tell me why it wouldn't be better to wait for production and a higher SP before raising further capital. Hell in a worst case scenario why couldn't Mapawa drilling be placed on hold or cut back until we are self funding?

This is not rubbishing RED, this is just common sense. Why are we giving away shares when we don't need to? I'm still happy holding, but the more I think about it the more disgusted with management I am.

Dare I say it, but I actually agree with part of what Smity has said, the value here is with the resource and near term production. I would suggest there is no premium to the SP added by the current management.

Cheers and sorry for the rant,
JB