Ann: Placement and Share Purchase Plan, page-13

Yeah I’ve never seen such a poorly executed capital raising….lets take a look
- waited for the share price to fall 60% and then raise cash that we don’t need to spend until the end of the year
- Ignores imminent drilling results from another project that the London market seems to value at multiple times what is being reflected in our own share price
- Raise at a significant discount to a raising done a few months ago (that itself was at significant discount to market)
- All these raisings have not brought any strategic investors, funds or partners into the company or projects
What has this company achieved??? That’s right they have dug a few rocks in New Zealand