VWAP - Tip comp !, page-115

Is my opinion really worthless?

You seem to be the one burying your head in the sand. The oversubscription to the underwritten amount is very minimal, ie only $198,000 above the $5 million. Where does this put the Patersons $5 million top-up offer? to get to $15 million if they couldn't even get to $10 million.

This is a very poor result. Look at the use of funds table in the prospectus to the offfer on page 10.

You've got over $4 million in commitments in the form of corporate and working capital, payments to JV partners and costs associated with the offer.

Where is the other $11 million going to come from to pay for the feasibilty study, met work, resource drilling, pit dewatering, community obligations, environmental studies, plant and equipment, site costs (whatever they are $3.34 million???).

If $5.198 million is all that has been raised this is truly a death by a thousand cuts scenario IMO. Project will go nowhere while directors, underwritters and JV partners get paid.

This is a disastrous response, level of support from shareholders. Less than $200k in oversubscriptions. Underwriters will bare the burden and aren't stupid in my opinion. They will being trying to pump and dump their way out of the mess they got themselves into. Esh