Ann: US$20.9M Debt Conversion and additional Capi, page-3

re: Ann: US$20.9M Debt Conversion and additio... Noble must have long term confidence in TTY to agree to this debt for equity swap. They will own more than 40% of the company and maybe this was always only an investment vechile for Noble to use to eventually get a decent iron ore project in Australia.

Disclosure. Previously held TTY but eventually sold through total frustration as they failed to deliver the long promised acquisition. But now watching closely to see what they do with the cash from the SPP and debt free after the Noble transaction.