Ann: $1.75m Funding in Place, page-7

Pretty good outcome.  Considering the cash position we were in.  
Well done to Simon for getting this raise done.  

The original plan was solid. It's been tough to watch it fall apart.    Cannon UG was going to provide us with enough cash to drill out a bunch of stuff in SKorea and cover the funding for the BMV joint venture.  Then look at Cannon deeps depth extension.  Whats down there??? 
The sale of the WST mill to NST came out of left field and put us in a funding hole of about $5mill. 
It has made managements job extremely difficult and they have copped plenty of criticism.  (i didn't see the NST sale coming and i doubt the critics did either.)  It then took NST 8 months to tell us they wanted no part of our mine plan.  Which didn't help  

Silver lining to all this is we picked up the Georges reward side of the Cannon deposit for almost nothing.  Which does make expanding the resource, mining it, or selling the whole thing, a simpler proposition.  
We still need a mill to put the dirt through and UG mining contractor so plenty to do here.
Developing Cannon will take some cash.  Or a creative deal.
Personally i hope they mine it and then look at the deeps.  Rather than sell it off.

The cash position is still very tricky.  
We need to fund the BMV JV.  (BMV appear to be looking at debt financing the whole thing.  If the is the case then they must have some lenders who are very confident they can make the cash back.)  
More money will be needed.  Debt? sell assets?  Another raise?
Getting 5mill out of Cannon earlier will help.

In the meantime, a buy order for $2000 will lift the share price more than 50%

Simon has plenty to do.  
I would like to see some director buying to show some much needed confidence.  

And how do i get on the 12% loan deal with 4million free oppies at 17cents??? 
I can imaging that guy leaning back on his leather recliner, whiskey in hand smiling like a cheshire cat.