Ann: Operational Changes - Bullant Gold Project , page-38

re: Ann: Operational Changes - Bullant Gold P... It's fairly clear now the company was under capitalized.

Their inability to raise the full amount of funds at 8c has expedited the cash flow problem.

Throw in a production shortfall then you end up where we are currently. (I believe the mine flooded for a few days due to a power outage)but this alone isn't enough to cause our dilemma.

All in all, it looks like the companies financial position and production targets-reserves have been over stated quite considerably.

It looks like Bowman along with the rest of us have been had. There is no way on earth he would be buying on market if he was aware that a rights issue was our only option to survive. (Which I believe is likely)

A JV might also be an option but either way the dilution will be hefty if we are to come out the other end.

Either way it's become a debacle.