Ann: Q&A - ERM Power transaction and AGM, page-10

Harry, $3.75m plus interest versus $4.08m placement/rights issue to ERM with a VWAP of $0.006, we will struggle to repay the current ERM loan if the current trading is to go by as the VWAP the last couple of days has been south of $0.006

This is why I am concerned about us borrowing more funds for something that is not essential, especially when the reserves have yet to be independently tested. Are there enough reserves to get us through to, or beyond, Tranche 2?