Ann: $23 Million Funding Agreement, page-7

The Funding Agreement includes repayment provisions that allow for conversion into Blackham shares (‘Shares’, optional cash payments, or early repayment at the Company’s sole discretion at any time. A lock‐up provision restricts conversion of debt into Sharesfor four and a half months until 14 February 2019, two weeks after the expiry of the Company’s 534 million listed options which are exercisable at 8 cents per Share. Any proceeds from the exercise of listed options will be directed to repaying Note 1

^^ That is the sign of buying to get the options in the money. No fund is going to let that go