presentation

Ann today was a North American presentation. As usual reads very well.

I wonder if this has anything to do with the rumoured Toronto listing. Get a feel and move in.

This will help in numerous ways.

Firstly funding will be raised in N.A and so won't dilute the ASX component although obviously the market cap will go up accordingly and the shares on issue will certainly be more. I would expect some funding needs into next year with large advance programs in place. Some will be funded thru cash reserves now coming in but needs to be muich higher to be self sufficient.

I wouldn;t mind also another bonus share issue with short term conversion say 6-8 months - a way to reward loyal shareholders.

They also have alot of options to exercise but some are due at the end of this year and we would need to see the sp above 40c, but this would help with more cash. I think Maq Bank has 5 mill exercisable at 38c from memory alone due by the end of this year.