Ann: Trading Halt, page-48

ConeO,

I think it’s clear the TCF has cut and run. The real reason will be the worry. Does project not stack up anymore? The problem now will be that the CP has raised approx $20m, site works etc and long lead items worth about $5m so left with $15m. New finance will take 6months. Terms will be a lot worse and heavy dilutive. Company will trade on near cash only terms in short time. On 1Billion shares at $15m in bank its 1.5c.