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GENESIS RESOURCES LIMITED Capital/Financing Update 2009
64980_rns_2009-10-22_b3427029-ca28-4294-8a53-739a54f78c54.pdf
Capital/Financing Update
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Suite 8. 52 Marina Boulevard Cullen Bay Darwin Northern Territory
AUSTRALIA 0820
ACN 114 787 469 Telephone: +61 8 8981 8106 Facsimile: +61 8 8981 9127 Email: [email protected] Website: www.genesisresourcesitd.com.au
STATEMENT OF COMMITMENTS BASED ON \$4 MILLION RAISED UNDER THE GENESIS RESOURCES LIMITED IPO PROSPECTUS
It is intended to apply the \$4 million raised from the Genesis Resources Limited initial public offer prospectus as follows:
| Item | Year 1 | Year 2 | Total |
|---|---|---|---|
| Geophysical survey/consultants | \$230,000 | \$200,000 | \$430,000 |
| Geological mapping & surface samples assays | \$400,000 | \$340,000 | \$740,000 |
| RAB/RC drilling | \$950,000 | \$705,000 | \$1,655,000 |
| Field support & vehicles | \$40,000 | \$40,000 | \$80,000 |
| Administration costs | \$100,000 | \$100,000 | \$200,000 |
| Corporate overheads | \$265,000 | \$265,000 | \$530,000 |
| Expenses of the offer under the prospectus | \$330,000 | \$0 | \$330,000 |
| Unallocated working capital | \$0 | \$35,000 | \$35,000 |
| Total | \$2,315,000 | \$1,685,000 | \$4,000,000 |
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