esn & mkb - a comparative analysis, page-205

malmanu -

cn's @ .001c
options @ .001c

cn's @ .005c or 80% 10 day vwap (lowest value)
options @ .005c or 80% 10 day vwap (lowest value)

cn's @ 80% 10 day vwap but not less than .005c
cn's @ 80% 10 day vwap but not less than .005c

plus performance rights

reference Boorismcnorris’ post
http://hotcopper.com.au/post_threadview.asp?fid=1&tid=2138973&msgno=9968606#9977004

The 10 day vwap can make a huge difference, either way to the amount of shares that could be issued