Ann: Renounceable Entitlement Offer to Shareholde, page-15

re: Ann: Renounceable Entitlement Offer to Sh... Agree on both sides Surandy70.

I am not sure why they need to raise 4m right now via a placement when they have 7m in the bank. I understand that a placement is normal after such a purchase, however the question has to be asked, "why the rush"...especially at 11c. Yes, they may want to conserve their existing cash for Tanzania or Italy or something else they have in the pipeline?. In saying that, they have added a sweetener for us long term holders but still, a strange move IMO.

One reason could be the need for serious $$$$ elsewhere reasonably soon, but with no planned drilling in the short term and KN1 production still 6+ months away, why do it now. ..........as you say, maybe the Borsano block is much closer than we think.

I am sure KEY’s advisors and the management team have spent quite a bit of time going through the numbers on this deal and would have taken all other factors into consideration.

They are no mugs that’s for sure..........

Interesting times indeed.

Cheers
R