Ann: Cleansing Statement - Section 708A(12C)(e), page-4

I just had a better read of this announcement - I cannot stress enough how important I think it is for shareholders to understand the potential impact of these convertible notes.

I would encourage all shareholders to read and try and understand as much of this notice as possible. I am concerned that what it is saying is that there is no requirement to make an ASX announcement when any convertible notes are converted into shares.



I also think that there is a material error. In the extract below, it seems to say that the total convertible notes have a face value of $3,474,280 and the maximum number of shares to be issued if converted would be 3,928,500.

However, at note 1 in that extract, it states that the lowest possible conversion price is 8 cents. Therefore, if you take $3,474,280 and divide that by 8 cents, I get 43,428,500 additional shares to be issued.

If you are a shareholder and also do math in the same way I do and come to the same conclusion, please contact the company and get some clarification as to whether there is an error and if the announcement should be re-issued. If I am wrong on this, please let me know.