+ data and comment+

The purpose is to collect what data we have sofar and use a new tread:

EGM on 28 August:
have summarized the issues which need to be approved:

1. Increase of working capital: To raise $3.12 mill. cash in return for 4 mill shares at 78 cents each.

2. Creditors: There are 3 of them; to issue 6.8 mill. options, to pay 50 cents on 31/12/03.

3. Directors:
0.2 mill. options to pay 50 cents on 31/12/03.
0.2 mill. options to pay $1 on 31/12/04.
2.875 mill. options to pay $1.50 on 31/12/05.
1.875 mill. options to pay $2 on 31/12/05.

Summarizing, the total options due and to pay 50 cents on 31/12/03 will be: Creditors (6.8 mill) + Directors (0.2 mill.)= 7.0 mill.

And 0.2 mill options to pay $0.2 mill on 31/12/04.

And 4.75 mil. options to pay $8.062 mill. on 31/12/05.

That is my opinion,

Gerry