update due, & i've added more, page-10

Perhaps this is why it wont bidge atm Paul.

Overhang from the New York ASOF tranches?

We've got $3M to be raised by

* 3 tranches to be issued over 2 month period from 12/8/2012.

* 7.5% discount to 5 lowest trading days prior to issue/s?

* Another 1 million shares at 15c fee(plus options)

* Trading restriction of a Maximum $150K/day OR 20% of days volume.

* 2.5M colateral shares to be offset against last tranche.

On 15/8 they issued approx 7.2M shares and at a 7.5% discount to market(5 lowest trading days 20 days prior to issue) would make the issue price around 15c/share which would raise around $1,080,000.This would pan out well for the other 2 issues with just over $3M being raised if the remaining issues were done at the same level.Hence the current capping high and low and current sp if the ASOF were going to make a small % cut at 16c with the 15c issue price.

Since the 15/8 we've had around 18M traded so Id be expecting a second tranche notice quite soon given they can trade a max of 1M a day at 15c being $150K.Im assuming theres been some trader selling on the slower than expected production schedule.

One also assumes the ASOF will keep some trading play shares to muck with once the sp starts to move a bit.

This is all assuming they are selling most of these into the market at 16c of course.

d.