Ann: Company Update, Fully Underwritten Placement and SPP, page-2

Wow the last cap raise from last year of 100m$ (avoiding risk of bankruptcy) didnt last and here we are again at another circa 100m$ cap raise (with a clear path to profitability)....talk about dilution.....and at 2.23$ per share....very possible shorts will drive this to under 2$ per share over the coming months....unless syrah proves it can become profitable by end of 2018 otherwise easy olay for shorts betting on under 2$ price per share by how much shorts are willing to risk their capital whp knows maybe they armez betting on 1.50$ per share ? The good news is that no more pressure in terms of cash and working capital with this cap raise (last one beflre profitability ? Lets hope so)