concerted campaign, page-12

cheers Elfy

nathan, this is my understanding of Bergen deal, could be wrong

the 130% premium would have created a base conversion price if the sp had risen dramatically

130% of the 10 day vwap leading up to September 28th was 2c or thereabouts

Bergen would have had the option to convert at 2c rather than 90% of a 3 day vwap

if ISN vwap was below 2.1c for instance they choose the 90% vwap calculation imo

say ISN reached 5c and stayed there for a while, instead of issuing shares at 4.5c (90% of vwap) Bergen could have elected to convert near 2c using the alternative formula - a win win situation for Bergen

As for the note, the company had an option to cancel it under given circumstances but decided not to. The original $1,120,000 had $318,000 remaining after the most recent conversion. I think the company are commited to the remainder of the initial note which at worst case scenario would mean issuing a further 106m shares to Bergen at 0.3c - beyond that i don't know if the company are commited to further notes with Bergen.