Ann: Closure of Non Renounceable Entitlement Issu, page-4

re: Ann: Closure of Non Renounceable Entitlem... This is put simply - "staggering". As has been pointed out the issue in both stock and options was an abject failure. I mean even if 41.793m shares were taken up somewhere that's a 94% failure.

Now have a look at the Independent Auditor's Report dated March 2014 which is at the end of the Interim Financial Report Dec 2013 - the conclusion on page 35:

EMPHASIS OF MATTER.
"These conditions, along with other matters set forth in Note 1 - Going Concern, indicate the existence of a material uncertainty, which may cast significant doubt about the consolidated entity's ability to continue as a going concern and, therefore, the consolidated entity may be unable to realise its assets and discharge its liabilities in the normal course of business".

This of course relates to the Interim Financial Report Dec 2013 but signed off on 14th March 2014. Would have taken that long to make any sense of the numbers.

Now someone please do the homework. PRW did a "Non-Renouncable" offer which by the following definition is not transferable:

Unlike a renounceable right, a non-renounceable right is not transferable, and therefore cannot be bought or sold.

Not sure whether the non subscribed component has to be simply cancelled or can be offered elsewhere -that's the question.

The company has accumulated losses of circa $30m - not bad going with zero production.

I simply cannot see how this company can be a "going concern" - even if they raise all the $741k from the non-renouncable issue - how long will it last.

It looks like there is no bid on the screen for the stock - at least that's on the basic ASX site. That's unheard of.

Going Concern - Going alright.

GOODNIGHT