Ann: Appendix 3B - Conversion of Performance Rights, page-4

There are no shares being added - other than the ones created at the last AGM.

The escrow shares have already been issued, they are just held until conditions are met. And it's 429m, not 500m that can be issued. I think it's unlikely they will all be sold as part of a financing deal because a chunk will be retained for employee performance and share schemes (the 3B listed about 2m used for this purpose).

So there are 1.75b tradeable shares (1b of which are net yet tradeable as they are still in escrow) and 429m un-issued shares which the company may issue (sell for cash, reward schemes, etc).

By the way, my bet now is that they will sell 300m shares at .17 to a big partner, raising $50m to fund the 200.

I have no basis to believe this other than the numbers round nicely.

DOYR; DYOC.