sloppy reporting

On 9 May 2008 a private placement was announced for 28.6m shares to raise $5m, equating 17.5c per share.

On 19 May 2008 the Appendix 3B stated that 26.8m shares were issued (differs from 28.6m!!!) at 17.5c per share.

26.8m multiplied by 17.5c equals $4,690.000 on my calculator. They probably meant 28.6m (which equates to $5,005.000).

Another example of sloppy reporting.

Clause 2
Number of +securities issued or to be issued (if known) or maximum number which may be issued: 26,800,000

Clause 4
Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities?: Yes

Clause 8
Number and +class of all +securities quoted on ASX (including the securities in clause 2 if applicable): 1,054,587,402

They rank equal in all respect with the rest. Thus can be sold at any time to anyone.