Ann: $5 Million Institutional Placement, page-8

I applauded CAY for getting Minim Martap across the line. A massive coup for all shareholders. But I have to say the optics on this Cap Raise don't look great. First, a clumsy trading halt Friday that looked rushed on the face of it. Maybe to stop the SP running away. Now this on the face of it generous issue of Shares and Options to BW. Today's announcement refers to the 15 and 30 days VWSP instead of the more typical 5 and 20, IMO to avoid highlighting the discount. Of course, it was heavily oversubscribed! who wouldn't want shares at 15.5c or a 36% discount to Thursday's close which looked likely to go higher on Friday? Nothing comes free in this worlds and this discount is funded by a reduction of existing shareholders equity in the project. I do hope BW feel somewhat embarrassed by our boards level of generosity here and work extra hard to help develop this project to benefit us all.