plan vs actual , page-12

28 June 2011
Market Release (via electronic lodgement)
$1.5M CONVERTIBLE NOTE FUNDRAISING
The Company is pleased to announce that it has executed agreements with sophisticated investors in relation to the placement
of 30,000,000 convertible notes with a face value of $0.05 to raise $1.5m before expenses. The Company will issue all of the
convertible notes utilising its 15% capacity under Listing Rule 7.1.
The notes have the following key terms:
(1) The coupon rate is 11% per annum, payable quarterly in arrears;
(2) The principal is repayable on 30 June 2013; and
(3) The notes convert at maturity on a 1:1 basis, but may be converted prior to maturity at the lower of: $0.05 per Share;
or 85% of the previous 10 day volume weighted average price of the Company's shares on ASX calculated from the
date that the Company receives the Conversion Notice.
The Company will seek a ratification of the issue of these convertible notes at a subsequent shareholders meeting.
The funds raised will be used towards the Company’s ongoing exploration and development program