Telsor, they had $2.7m at 30 June and spent $1.8m for the last...

Telsor, they had $2.7m at 30 June and spent $1.8m for the last qtr.

We are now 8 weeks into this qtr and they are keen to get stuck into some drilling and want to order long lead time items.

MA could and should be expected any day however we are dealing with a government department. This is an approval that was expected more than 6mths ago but for an election we might well have had it however the hedging required to cover the debt component would have been at less favourable prices.

They agreed to allow GBF to invest $1m-2m at some point.

The company has taken some money while it is there rather than risking going cap in hand at the end of the qtr in the event that the PAC drags its feet.

I was not expecting a capital raising prior to MA however I took part in the capital raising and reached into my pockets at short notice. I expect and sincerely hope that the MA comes sooner rather than later.