MGT magnetite mines limited.

Ann: Cleansing Statement - Section 708A(12C)(e), page-6

  1. 1,018 Posts.
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    On a morning read, I have realised its all in how you present the information - but I think it is misleading.

    I the total in the first table I copied from the announcement, it clearly shows the total of all notes currently issued and not yet converted are $3,474,280.

    However, in the second table from the announcement above, only deals with the conversion of the last draw down on the note facility, not the total conversion of the notes.

    If the new notes (not all of the notes) are converted at 8.0 cents, then there will be 3,928,500 shares issued.

    However, if all of the notes are converted at 8.0 cents, then there will be 43,428,500 new shares issued.

    This would increase the total shares on issue to 154,441,679. (see table below)

    Lat issueTotal notes
    1Convertible note 314,280 3,474,280
    2Conversion price (cents)8.08.0
    3New shares on conversion 3,928,500 43,428,500
    4Current shares on issue121,013,179 121,013,179
    5Total shares after conversion124,941,679 164,441,679



 
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