Ann: Equity Raising Investor Presentation, page-5

Yes doesn't give one great confidence going forward that mgmt will continue to dilute S/Hs till either they start production or sell the lot ...also as we have seen for many micro caps that use insto funds is the capping of any good news as they take profits ...

Reason why I like companies like IRC which toll treat to fund exploration ..and use larger richer companies to JV many of there other projects ...

Two companies using two very different paths to hopefully success both having MR as biggest shareholder....