Ann: Appendix 3B - Conversion of 70,000 Con Notes, page-6

Most of the remainder of the CN's are at a strike minimum of 1.8c I believe, and face value of 110%, therefore some positive news will be needed in short term to persuade the conversion. This means approx 50 million shares may enter market over next couple of months to provide much needed capital.

As previously mentioned, given the inferred time scale I imagine some further mechanism of funding will be sought as the current capital doesn't quite seem enough until decent returns are realised. However in the big scheme if positive progress is made in the next two months and subscribers start to flow in, the dilution shouldn't be too damaging in comparison to the potential rerate based on incoming revenue, growth (if promising) and overall fully diluted market capitalisation.

I am pleased with how the price held up over this week and the size of the parcels, clearly there was some help .