mne, page-39

Let's look on the bright side ....

If, as I believe, we start producing monthly revenue from toll treatment then the SP is likely to go up quite substantially and start discounting future cashlow not to mention a potential premium for proof of concept actually producing profits.

Once we are north of 5c all MNE needs to do is offer an incentive for some MNEOB holders to convert early.

For example, let's say the SP is in the 7c - 10c range and production forecasts are looking strong, especially once Paraguay comes on-line.

An offer of say a new 10c option with a 1 or 2 year maturity for each MNEOB option converted earlyf or the first 20mn or even 40mn option holders to convert would raise between $1mn and $2mn and would do so without any IB fees and with minimum dilution.

The key point is proving concept by generating cashflow, if we can do that by confirming toll treatment revenue in the coming days then there are a number of ways to replenish the bank account without going down the straight discounted CR route.

It all makes July a very important month.

EB