Ann: Results of Non-renounceable Entitlement Offe, page-5

re: Ann: Results of Non-renounceable Entitlem... the real scary bit for shareholdersm is that the recent capital raising, probably would have done nothing more, than to pay outstanding creditors, and short term loans..

two months ago, the company announced an upcoming drilling program - but nothing has happened.

given that the company, probably has, about, zero, net funds, with sellers at 0.5c - then it is likely that the next lot of selling will be at 0.4c (keep in mind, that "prices are down and staying down"). the company needs to raise money, to do some exploration - which could mean an issue of 100 m shares at about 0.3c.

in the recent issue, 200m shares were available under the one for three offer. a grand total of 54.5 m shares were taken up, under the offer. shareholders who took the opportunity to increase their holdings to 300,000 shares took up an extra 13.5m shares. other investors (which could have included non shareholders, applied for an extra 100m shares)

the company will probably have 1 billion shares on issue, by xmas time - and be trading at 0.2c. well may you laugh - but watso called (about 9 months ago) 0.5c by june 30