Ann: Accounts Lodgement Update , page-68

lets be real, share placements in good companies happen at a small discount and in a bad companies a big discount. there are 247mil shares out already and a 10mil placement at 17c would issue approx 58mil more so we will get a 25% dilution and total shares out goes to 305mil plus a ton of options at 30c. that combined with only owning 1/2 the JV which in itself is a going concern issue for the auditors means the share price isn't going to be at 23c.
The loan to nice is being repaid "Pluton shall repay this loan in equal instalments of $2.4million in the form of delivery of iron ore as per an agreed shipping schedule of ten shipments of 43,000 tonnes of iron ore". SO nice get to buy their ore at $55 off us. Do the maths - 2.4mil / 43000 tons = $55 per ton. Guessing thats some nice fat action if you can get it for an up front loan (shark). We are giving away 430,000 tons of ore at cost to stay alive is the other way of looking at it so maybe just cop it. I'm out.