Ann: Appendix 3B, page-5

LOL, No not me unfortunately.
Mind you the seller could still be the option converter. So far they have converted 11.5m of the free options as part of the $1.7m convertible note issue and presumably sold them pocketing $1.4m at around 12c each. Plus we owe them the $1.7m back with 15% interest. Giving 1.25m free options at 5c for every $100k invested was just too much, especially as we now know they are just dumping the shares on market holding the share price back.

The conversion date is the 30th of November THIS year. Yet the headlines state 21 December 2016. I checked the other Appendix 3Bs and they also state 30 Nov 2015 as date of maturing.
Hopefully this is a clerical error only, and the $4m we will be asked about shortly with the 50m options does not state 30 nov 2015 either.

So we paid a very high price for this short term loan, and we are still not mining!!

The second tranche of the convertible loan still needs to be passed by shareholders, at the current price it is WAY to generous, basically giving them $5-6M to lend us $4m that we have to repay WITH 15% interest. IE they get a total of just on $11m for lending us $4m for 18 months, assuming they only get 12c for the converted options. If the companywas re-rated to 30c and they get 30c for their converted options, they end up making just on $20m for lending us $4m for 18 months.
They are already making $2.55m for lending us $1.7m from the first 21.5m options, so enough is enough. The last thing we need is those 50m options turned into shares and then dumped on the market after pay the options.

I think management should relook at the deal for that $4m second tranche, and change it as it does not apply until shareholders pass it. Make the new deal still very profitable for them,(as it already is at 15%) but kill the number of options and change the conversion price ie to 15-20c and the number to less than half the existing ones.
Still hugely profitable to anyone, so they (SIs) would line up to take the deal if we all voted NO to the existing one.

So management should go back to those overseas SIs and say the deal will not get up from the shareholders, so we need to change it to make it palatable to them.
Does anyone agree?