10 Cent Party, page-2682

This is the major issue for this company. The dilution coming before any money comes through the door will be off the charts.

The reality is that they simply can't make those payments.

Approx shares on issue: - 1,921,126,413

If you were to assume that all the below are exercised along with the shares issued:

81,000,000.00 + 73,000,000.00 + 50,000,000.00 + 12,500,000.00 + 150,000,000.00 + 30,000,000.00 + 150,000,000.00

Yes the money will come in for the options but its a long time post the completion payments need to be made.

They won't be paying the milestone payments in cash, they will be paying in shares.

So you need to add another $20,000,000.00 at say $0.035

Which will be another 571,428,571 shares

Cerium has a vested interest now to keep the share price low.

So existing shareholders are going to be diluted by 1,030,558,571 new shares on offer.

So basically 50%. That is absolutely staggering.

This is before they raise funds also.

	$20,000,000.00	0.035	571428571.4
1			81000000
2			73000000
3			50000000
4			12500000
5			20000000
6			12500000
7			150000000
8			30000000
9			130000
10			30000000
11		Additional	1030558571