Ann: MOD Raises $18 Million to Turbo Charge Growth, page-17

Like everyone else I too don’t like the size and price of the raise - we will have over 3.2bn shares on issue after option conversions etc. I tend to think the SP was manipulated down in the past few weeks as some of the brokers knew of the CR.

However, along with the $10m at 31Dec and some option conversions plus this $18m we’ve got over $30m now to really fast track (or turbo charge lol) this project. Fast tracking the drill program now will ensure a much better understanding of the full regional potential, ensuring the resource grows, and ensuring the confidence levels grow in order to convert a lot into measured and indicated categories....so that the economics in the DFS published later this year are so compelling we are either taken out or funding won’t require a lot more dilution. The next 3-4 months will be company making.