mmm, page-10

I don't want to defend the wastage and overspend on wages that have necessitated this capital raising.

But...

If everyone takes up the SPP, there is no dilution (i.e. no redistribution of ownership percentage). All that has happened is that we've raised capital, which we would have needed to do anyway. Sure there is an ongoing transfer of wealth to wage earners in TSV, and to the underwriters, but otherwise its quite a neutral way of raising capital.

There will only be a redistribution if some people choose not to take up their entitlement. In that case, you may see other existing shareholders getting their shares through oversubscriptions. I figure management will be getting all oversubscriptions possible to increase their relative ownership of the company cheaply. I will oversubscribe, and hope for the best.

Once again, wages and admin are too high, but lets not loose sight that capital was needed (and always is for explorers) and this is a neutral way of doing it. Luckily, management are shareholders and did not want to see their own holdings further diluted through another equity raising through the Hartleys/Argonauts of the world.