Ann: US$23 Million Capital Raising, page-5

Are you guys serious?

Out of office now but quick reply:

- 30% dilution at 8.3c
- +20% dilution via low priced options
- that's combined 50% dilution guys
- Sprott undoubtedly pulled the pin IMO regardless of spin
- 2nd tranche subject to turnaround progess shows funders have little confidence.

- upside largely gone
- situation must be bad if Sprott bailed and conditional tranche 2.

Just my opinion on initail read ... BDR given breathing room but at what cost to LT shareholders.

Cheers
John