Ann: Application for quotation of securities - IHL, page-29

Let me try a different perspective.

Let’s say we raise $72Mn thru Nasdaq listing- higher price of say at 40c for same dilution of 180 Mn shares. Great for the company as we have raised $40Mn in capital. What if we could have another $36Mn in the gas tank thru Sud’s remaining 180Mn oppies @20c to complete all our trials in US partly or wholly as the company has mentioned?

What if the company wants to use these funds to accelerate the existing trials, chase new opportunities or even purchase a Priority Review Voucher (PRV) so they can jump the line for final approval of may be Lung inflammation (675A) or OSA?

Sud/ Cannvalate have earned these oppies thru their commitment to IHL over this period and if they exercise it, it is their right to do so. From their perspective, if they wished to increase their holding in IHL it would be cheaper to acquire that thru exercising the oppies now instead of buying later.

Like I said at the beginning of this post, it’s just a different perspective.