Note: Bottom of the second paragraph, "This private placement remains subject to all required approvals, including board and regulatory approvals."

I am very interested to know how each member of the board will vote...

I have mixed feelings about the pp; I hate to see this level of dilution (something Richard in fact worked diligently to avoid) -whereas on the other hand it was inevitable additional cash flows would have to be procured within the next 6 months to ensure adequate working capital. That said, I think dilution of 25m shares is excessive at this time and was intended to top off the hedge funds to tilt the balance of power (in their favour) and lower their average cost.

$.80 should be a ceiling until after the pp closes - afterwhich, I would expect to see renewed efforts to run the share price higher. The hedge funds involved are under enormous pressure to reduce their losses for year end, and the recent proxy-bid to replace the board was conducted with consideration to this.

Regarding the options for the board, all I can say is that it is to be expected that self-interested people will act with a mind toward their own self-interest.

Hoping there are better days ahead,

Chris