Yep much as you would expect it says this is a high risk spec...

Yep much as you would expect it says this is a high risk spec that could go belly up - takes about 100 pages to say that though.

This is interesting

"During 2009, Backwell Lombard Capital, a company of which Terry O?Dwyer is a principal, loaned the sum of A$326,714 to Metal Storm. The loan is unsecured, has no fixed repayment dates and does not bear interest. We repaid A$50,000 and then borrowed a further A$100,000 during the first few months of 2010. The loan was then split into amounts owed to each of the principals of Backwell Lombard Capital. In December we repaid A$162,500 through the issuance of ordinary shares to one of the principals."

did not know about this transaction.