I'm pretty sure the $4m from the conv. notes was included in the cash figure of $5.7m - see page 30 of the annual report under liabilities. In the quarterly where it says amount used next to the loan facilities, I'm pretty sure this means just the amount used during the quarter. We will need a raising of some sort to be able to drill the next well unless I'm very much mistaken.
pogly, page-8
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