Ann: Strategic Review and Capital Raising, page-7

From this anouncement they view the 100% owned Fisher East development as the company making one but only once Nickel prices improve. The only project with current on sell value is the Reward Zinc one given the Teck JV and RXL would be left with just a 30% stake in that. The additional funds plug the gap until the Rew
ard sale going through with the majority of funds from existing shareholders and not much dilution with the $500k placement to Patersons. The funds from the sale of Reward can be used to fast track the other 2 projects and if RXL get it right they can come on-line as a nickel producer in time for the next spike in Nickel prices from falling supply. The key is will they get offers close to the $14mm valuation put on it as that is almost the entire MC. If not and they need to spin it off then futher cap raising required. Interesting times