future fund raising, page-3

looks like the company issued 68m shares (and options) to raise $500,000. the announcement of the placement, was made sometime ago, but needed shareholder approval - keeping that in mind

working capital deficit at start of year ..$800,000

estimated expenditure to march 31..........$500,000

capital raised from option conversion......$200.000

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estimated working capital deficit at end of march $1.1m.

company just raised $500,000 - so working capital deficit is still about $600,000 - plus further expenditures, since incurred ... so probably still about $800,000 short.

approval for the issue of 125m shares at approx .8c, will raise about $1m - which will get things back to about zero funds - but still needing to raise funds for more exploration.

some time this year, the company will have about 1 billion shares on issue, plus about 500m or 600m options..