Ann: Rights Issue Closure and Notice of Shortfall, page-4

Hottin,

Riedel would have over $2.8 million in the bank when you add the recent $2m rights issue and placement with the pre-existing cash balance of approx $800k.

There are very few bills to be paid - in the rights issue prospectus it showed actual costs of the offer were minimal because the underwriter requested to be paid in shares (interesting that they would want equity in Riedel instead of cash - what is that telling us? - only good things in my book!)

As for working capital, I’ve not seen a company run so lean before - the annual costs are much less than just about any company on the ASX.

The first year commitment to the new cobalt project in Spain is only 300k Euro for year 1 and 700k in year 2 - so the company well and truly has that covered.

As I see it Riedel is fully funded for the next 3 years.

Remember over 75% held by the top 20 shareholders.

Stock only going up from here.