Ann: Application for quotation of securities - CLZ, page-25

CN:
- cost $25k each
- conversion price is 15 day VWAP to date redeemed or maximum price of 7.5c share, which ever is lesser.
- the lower the SP value the more shares
- if excised options are are also issued to holder
- expiry year 2025
- All CN's currently worth more than 50% of capital value
- We don't know whether there is one holder or more.
- We don't know if they are related parties to existing or past CLZ management
- When not redeemed they remain a liability of CLZ and potentially a biggest creditor