thoughts on sir? anyone?, page-22

NJ, this is slide 4 from Mark Bennett's Aug 17 presentation to shareholders:



The note at the bottom of the slide indicates that the shares and options from the placement are listed here, and the cash figure includes the money raised from the share issue (although the note alongside the A$8.2 million indicates that this figure does not include the cash payments to Apex and Carey, nor the associated costs).

The market capitalisation of A$32 million is an imaginary figure calculated from the pre-issue share price (as at 14.08/09) and the post-issue share volume. I am surprised that any MD/CEO would use such a figure.

Realistically, Sirius faces considerable challenges in the short to medium term. The remaining $6-7 million cash must be used to prove up a significant resource to the point where it can be farmed out or sold off. It also needs to be demonstrated that proposed extraction and processing of any resource found will be viable - very much dependent on the Nickel price. If the money runs out before then, will the next capital raising be a billion shares @ 0.5c?

I would like to see Sirius succeed but I am under no illusions that the SP will be back at 2c any time soon. Success depends on a management team working their butts off and extracting maximum value from every dollar of shareholders' funds.