Ann: Institutional Share Placement, page-28

Correct... now 20% discount to VWAP is actually very normal, so the insto is getting the two later tranches at a pretty standard price in terms of ASX Crs...

What is not normal is the first 6 million dollars (even if its for 6.5 million of stock) at an 88% premium...

in order for these guys to be ahead the price has to move up...

if the price moves down... they lose a huge sum even with their 20% discount on future raises..

lets do an example

say Sp stays at 20 cents, which is still higher...

They have 6.5 million at 32 (discount of 20% with the free half mil), so actual price is is about 25.5

They then have 13 million shares at another 20% discount (16 cents)

their average would be 19.16 cents...

so they would have invested 18 million dollars in to make less than 1 cent per share....

thats at a 20 cent share price with all discounts accounted for...

you understand why this should be much higher?

Maybe not 30 cents right away... but mid 20s... 100%

hope above makes sense... and if i made a mistake just let me know