Ann: WNB Agrees to vary terms of unlisted Notes, page-10

By my calcs as per below mgt have done an awesome job with cashflow re the convertible notes. Not sure all shareholders realoied how perilous a position the company was in if they didn't get these notes converted or extended. $2m was payable in June 2020 or company was in default!! I'm not sure the auditor or board could have signed off on the annual accounts if that was the case.

Anyway all good now

31 Dec 2019. $3.3m notes on issue
27 Apr 2020 ($1.505m) converted @ 1.5C. i.e. 100,333,333 shares
9 June 2020. ($1.625m) extended and offered new terms (between 108.333m and 203.125m new shares to be issued)

Leaves balance of only $170,000 still on issue and due to be paid in June or November 2020. This should be amply covered by recent cap raise and Elle and HS sales.

So now we have a business not under immediate cashflow threat so they can scale production and sales albeit with a boatload of shares on issue. I expect that it will take quite some work to get through the 1.5c level given there are at least 208m shares issued via the convertible notes there.

Good luck to all holders.