""I still cannot believe the audacity to call for funds with so...

""I still cannot believe the audacity to call for funds with so many things undone and unexplained, where most of the announcements in the last 8 months having been mainly on corporate finance/structure rather than the actual operating business of geothermal."

Hit, nail, head!"

Moreover, one finds it a little hard to imagine that the new investors would have coughed up a few hundred k (and presumably will double up in the rights issue) without asking some pretty tough question about the timing of the granting of the PPAs and also the timing/likelihood of gaining project finance for the first two projects.....

I know I would coming in as a new 'major' investor.

I wonder what answers Kerry gave....?

Also @ Graham, what is the tie up between the 3 new directors and Pacific Energy - I am not seeing it??

Ah - there's the listed Pacific Energy limited then there's these guys - Pacific Energy International Pty Ltd.

As I see it (let's call these guys PEI get:

1. 104m shares @ 0.0015 - $156,000.
2. 46m shares @ 0.0015 - 69000.
3. free options (1 for 1 ) - 150m (strike 0.0015, 3 years)
4. 150m shares at 0.0015 (in the rights issue)
5. 50m free options (1 for 3)
6. 200m free options (ex 0.003 for underwriting)
7. 6% fee!

There's a lazy 300m shares and 400m options - for an outlay of $378k. That's netting off the fee.

That is a HUGE chunk of the company.

Nice deal for them - not much chop for anyone else!

Seemingly, all thanks to super deal maker KP.....