Excellent work calculating it out. Small detail; the milestone is set at November, but the point suggests 2000 ounces for 2011, which'd be 31st December. I'm not entirely sure why the milestone is attached to November myself.
And I agree that having extra cash sooner rather than later is potentially a good thing. If cash were free that'd be all there is to it. But I'm sure it'll take a little time to get a good deal together to raise some cash. As one extreme, doing a CR against 0.8c would in my opinion be a mistake. They can afford to take a few weeks to weigh up their options carefully and see if the SP moves at all before having to pull the trigger on anything concrete.
I think for now their track record earns them some patience for my part. They haven't steered us wrong yet with their approach.
Ann: Appendix 3B Conversion of Listed Options , page-14
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