Ann: Appendix 3B-ADO.AX, page-23

I'm a little confused on the issue amount here.

From the first announcement 3/3/16 regarding the funding...


"Under the Agreement, Bergen will make an initial upfront investment of US$1.5 million immediately and US$0.5 million in 120 days, each by way of an interest-free unsecured convertible security with a 24 month maturity. Bergen may also invest up to a further US$4.5 million in Anteo’s equity over the next 24 months by mutual consent of Bergen and the Company. "

So the first two payments were made totaling 2 million. Now we have today's further draw down announcement. The bit that am unclear on from this issue is....


"Issued to Bergen Global Opportunity Fund LP (Bergen) in a conversion of the entire outstanding balance of USD 2,130,000 of the Convertible Securities held by Bergen pursuant to the Investment Agreement announced to ASX on 3 March 2016."

So 2 million plus 2.13 millions = 4.13 million. We haven't drawn down the whole amount with 2.37 million left on the table. Today's announcement contains the words. "conversion of the entire outstanding balance."

Is this not a good outcome in the fact that Anteo has not used the entire funds available to them and that future draw downs after the first 2 payments were going to be by mutual consent.

Does Anteo now feel that they will now no longer need any further funding?

Timbo out