Ann: Appendix 3B , page-6

Yes it is ( apparently )

That definately needs some investigating as the orginal term was for 12 months and convertible at 15 cents a share.
Nowhere did it state "or such lesser price as the most recent issue of ordinary shares in the capital of the Issuer" in the original term sheet and where did it give claim to extend the term until right now .....

Obviously the debt facility should have been paid back or else any new term sheet should have been approved by S/H.
It did appear that that particular issue was converted to shares back in march at 3 cents a share.

How the hell do they get two bites at that cherry and dilute the hell out of the company with 150,000,000 shares ..