Ann: Notice of General Meeting/Proxy Form , page-5

The phrase "good money after bad' ring any bells?

Maybe they are in so deep that they have no other choice and H's investment in another ASX listed company turned into zero...........

I see no reason to put any funds into Elk for a long, long time, if ever.

There is basically no operating income until June next year and that won't be more than enough to cover the company's basic costs.

Income from Grieve won't be a factor until there is enough to completely cover the second phase costs and IMO Denbury was one smart company to have those funds sequestered given the historical record of cashflow as shown in the Annual Reports.

And as BOS stated you need big bucks to play with big toys and there isn't enough bucks in the coffer to do anything material.

In reality there is nothing to support the current Elk market cap and share price from an operating basis/cash flow standpoint and the Grieve values are not available for years to come.

Close to $50 million market cap based on nothing IMO.