'The placement will be made by way of the Investor prepaying a...

'The placement will be made by way of the Investor prepaying a lump sum of
$5,000,000 for $5,300,000 worth of the Company’s ordinary shares (Placement
Shares). Additionally, the Company will have the option (but no obligation) to
require the Investor to subscribe for an additional $3,180,000 worth of Placement
Shares on payment of $3,000,000 in subscription proceeds. The Company may
exercise this option at any time prior to 1 September 2021, and if the Company
exercises this option, the Investor will be required to pay the subscription proceeds
no later than 30 November 2021. The Company will issue the Placement Shares in
relation to all or part of each of the above investments on the Investor’s request,
during the period ending 24 months after the date of the investment. The number
of shares so issued by the Company will be determined by applying the Purchase
Price (as set out below) to the subscription amount. The Purchase Price will initially
be equal to $0.30 per share and will reset after 10 August 2021 to the average of
the five daily volume-weighted average prices selected by the Investor during the
20 consecutive trading days immediately prior to the date of the Investor’s notice
to issue shares, rounded down to the next half a cent if the share price is at below
50 cents and whole cent if the share price is at above 50 cents, with no discount
applicable to this formula. To the extent that Placement Shares are issued after
six months, or 12 months, the Investor will receive a discount of, respectively, 3%
or 6% to the foregoing Purchase Price formula.
The Purchase Price will be the subject of a Floor Price of $0.16. If the Purchase
Price formula were to result in a purchase price that is less than the Floor Price,
the Company may refuse to issue shares and instead opt to repay the relevant
subscription amount in cash (with a 5% premium), subject to the Investor’s right
to receive Placement Shares at the Floor Price in lieu of such cash repayment. The
Purchase Price will not be the subject of a cap.
The Company has retained the right (but has no obligation) to repay the
subscription amount in cash in lieu of issuing shares by way of a repayment of the
subscription amount together with the difference between the market price of the
shares and the Purchase Price (if any) in relation to the shares that would
otherwise have been issued.'