Hi ralph, A capital raising was done late last year for the...

Hi ralph,

A capital raising was done late last year for the purpose of conducting the Multi-Lateral pilot program. The $5.7 million budgeted this quarter is specifically for that program currently underway, and I believe not to be representative of the sort of money allocated each quarter for exploration & evaluation.

The quarter started with $10.2 million after the capital raise and according to budget will end with around $3.8 million.

Bearing in mind the recent share price rise will help us investors;

We may recieve R&D tax credit refunds, also
There are 7,600,000 unlisted options on issue @ 12.5c for a potential raise of $950,000
There were allocated 2,500,000 options to Gleneagle Securities for last year's raise @ 25c for
a potential raise of $625,000

Will bring issued capital to 199,807,690 shares assuming exercise of options. Our bank balance
would be $5.37 million before a potential capital raise if options are exercised.

I like Galilee as it has minimal dilution with prudent management. The current share price will also support a good capital raise with more money raised for the same number of shares issued