Today’ announcement is phenomenal!, page-25

I understand your sentiment but I would say you are not the CFO of the company nor have you followed GW at the last GM regarding sources and uses of cash.

To say “the urgency is now dialed up” on cash and a capital raise and saying “it is a handbrake on the SP” is misleading the audience and you need to dial down your tone and lack of awareness on the company’s cash sources and uses.

Let’s stick to facts. At the beginning of the quarter we had $9m in cash. We received $1.9m in R&D concession in Jan and as GW has announced, Tivan will put PBs shares to market from the loan back share arrangement in due course. Reference the January 20 GM where GW talks about capital management at 35 and 43min mark.

Yes we will need to raise capital but it will be on Tivan’s and GWs terms based on their timing, way and price. Let’s look at the Speewah deal with the equity issued at a premium to the current SP.

The other side of the equation is managing costs. Costs have been cut at Tivan as GW has advised. There is no leakage of unnecessary direct or indirect costs. It’s a sources and uses equation the company is managing.

So the bottom line and respectfully you need to sit back and get educated and stop this misleading nonsense you are posting. You have no idea about the company’s capital management position nor are you joining the dots on what has been shared publicly.

Please stop with this incorrect guidance.

Thanks