Ann: Exercise of 85 million warrants and Appendix 3B, page-3

Hi Marfis,
On this occasion, we don't think that this is a bad result.

They need money for more drilling and the feasibility study and are burning a lot of cash (overseas trips etc.) but at least this isn't another dilutionary raise at these (far too low) prices.

Also, the terms of the $8m loan from OCP are far better than the last ridiculously high amount they paid them for the loan deferral.

So, in our opinion, not too bad. Now, if only only they'd show a bit of motivation and ability in promoting the resource properly!

Given that Paul Harris at the AGM strongly indicated that a takeover was likely at feasibility stage later this year, you'd think that OCP would approve of proper promotion to get the SP up?