New proactive vid, page-19

Hi Frank, in nine months there should be the usual CR to replenish funding, the sp needs to be $29 plus for any chance of the options to come into place.

I think the rational that these were issued to guarantee future funding is questionable, if the options are not in the money how do funds get raised in a ‘tightening’ credit climate. IF they will be in the money then why not a CR at that level? Especially in a situation where the current 35 mill should add how much value to the current sp, bearing in mind commercialisation will be how far away?

It looks like when this deal was negotiated those funds called all the shots, with the addition of the options and especially the life span of these options.

The 35 mill CR raise was fine, the options not but if, as I said before, the actual MC is pretty much accurate with the 400 mill plus mark then this deal makes sense.

Imo.