3m @ 167.26g/t au, page-79

Fatstocks,

I think it will be quite a while befor any GDAOCs are exercised. They have to get well in the money first and then it takes a while for confidence to build for options to be converted. GDAO's are a possibility but they are long-dated, Id be very surprised if 50% are exercised within the next 2-3 months. Funds will get a little bit critical and from my research, GDA aren't loath to have placements. The current vastly increased share price would be mighty enticing. Personally I dont necessarily think it would be a bad thing. A placement at say 5c would put a theoretical floor on the share price and give investors confidence and surety of their financial position. A 10% share issue dilution (of 300mill shares) would be 30mill shares and would raise $1.5mill.

Just some ramblings.