Ann: Capital Raising Update, page-22

If gulf can receive a similar amount or equivalent amount of funding to the original offer this would be a good result . We know the original deal was for two separate tranches of ten million . It will be interesting to see how this New Deal is structured. So far we know a Capital raising is underway so the board will have to establish a price or valuation that will be allocated to these sophisticated investors then hopefully in addition to the proposed capital raising if additional funding agreement was reached to an equivalent amount the only difference is the structure of the deal although hopefully a fair capital raising price can be worked out that somehow reflects the context of the new deal