Ann: Letters to Shareholders - Entitlements Offer, page-7

"So if this fund raising falls into a hole, I place the outcome only at one spot and that is with the board and their broker/advisors."

Well you might - but the fault actually lies with the shareholders. An exploration company cannot proceed without funds and the shareholders have decided to punish themselves. The company at least provided the shareholders with a chance to be a success.

Hopefully the management will at least try a placement raise at something like 6c which will certainly knock the SP around a lot more and also dilute the shareholders hugely - but the alternative is probably to fold and everyone loses everything. There is no doubt the shareholders are to blame because this company has the assets to succeed.