Ann: Notice of General Meeting , page-5

I don't see an issue with it. Most of the 1c shares you refer to have already been issued. This is ratifying prior issues. At time of issue we had spiked to about 1.2c, so it was a fair discount at the time.

The only "new" issue at 1c is a debt for equity swap by Crown Mercantile/OKAP of $1mil. Yes, it's alot of dilution for our market cap to absorb. But it's healthy to reduce that debt and to reduce interest burden. Especially when we have $4.5mil debt to Noble and $1mil debt to Celtic on top of the Crown debt which is reduce now to about $800k.

But their are alot of warrants floating around with 1.2c ex strike and heaps of long dated (2016) options at 1c strike. So these are obsticles for the sp to overcome.

But prudent to reduce debt at this time imo.