Ann: Close Out Of Hedge Position , page-9

Good that they will remain in suspension. One positive at least.

Close out of the hedge would have been a condition of CS. If not closed out then CS debt facility would have been able to be repaid and they could have enforced the security.

With bank no longer involved only way for operation to proceed now is through equity raising to fund loss making operations.

New management know how to raise highly dilutive equity but have no mining experience. Expect this to now become a new shell for Celtic to play with and for existing shareholders to be diluted out through equity raisings and fees.

I expect to take a hit when/if it comes back on, but will take it on the chin and move on. Very few silver plays around and thought this would be a good one.