placement of 100m shares at 1.07c, page-17

The options will hold this one up as the ex price of 1.5c is so low - same formula as OBJ IMO. Look at the ex date - 30/06/10 (underwritten). 100m options in total. You may find some wanting to buy PNO to participate once all the dates come out. eg. record date.

$2m or thereabouts in cash after both the placement and rights issue are completed, until 30/06/10, after which another $1.5m will be injected, assuming the options are exercised.

If you believe Novus and cohorts will pump this one and the mob follows, it may be not that bad after all in 2010.