Placement, page-4

Worst time to do a placement. $2.2mill marketcap at .4c atm. Placement has to be discounted, so .3c best case scenario in my view. If they are looking at raising $1mill that's going to be a 50% minimum dilution. Then you have the on-going overhang of these shares unless they can pull a rabbit out of their hat. They only just recently finalised shortfall placement which went to directors as underwriters which they chose to use to pay for their unpaid director fees. I don't like where this is going personally. Too many share issues and not enough progress.