pretty easy to work out CR8, if you look at the 3B from...

pretty easy to work out CR8, if you look at the 3B from yesterday there were roughly 191 million on issue, now there will be approx 216 million on issue.

Also note that that the proceeds of the 8 million odd shares that la-jolla drew down was a measily $43,934 US. so $750,000 for 25 million shares is an absolute bargain in comparison.

I have absolutely no problem with this placement at all, and thank INL management for getting it done so quickly.

I don't understand how the shares from la-jolla don't fall within the 15% rule, must be a special exemption that we signed off on as part of the deal. I would say INL is now pretty much unable to raise any more capital without shareholder approval, as todays announcement would be pretty close to 13% of the issued capital.

I would go even further to say that the placement price of 3c is very generous, as it is closer to what I would think the sp should be at than where it is right now. in other words, I think it is fair value, and the current sp is over-inflated (relative to where it was).

From a different perspective we were at around 1.5c pre consolidation the amount of shares on issue has roughly doubled due to la-jolla, SO if the company is worth the same as it was pre-consolidation then the sp should be around 7.5c.... I would say that we are now in a situation that is much better than pre-consolidation, so perhaps the recent spike in sp is reasonable after all... somehow I think though it will take a while to settle down after such a huge spike.

Tony.