I will try to make this easy to follow:1. Presently BRN has a...

I will try to make this easy to follow:

1. Presently BRN has a market cap under $300 million and has done so for the last 12 months and on that basis it can issue the necessary shares to draw down part or all of the required $10 million dollars as at the last share holder AGM the shareholders as required by Listing Rule 7.1 gave approval to the company to issue shares up to a number equal to 15% of the company's total shareholding and also approved an additional 10% capacity. Thus while ever BRN remains under $300 million dollars in value it can without further shareholder approval issue shares to LDA Capital up to a total of 25% of the shares on issue before it has to go back to shareholders for approval.

2. If however the market cap of BRN becomes greater than $300 million dollars then Listing Rule 7.1 will no longer apply and the rules for companies not covered by Listing Rule 7.1 will take effect. This is the effect of the following part of the agreement you have quoted which states:

"as a result of capital calls above the Minimum Draw Down Amount, will be subject to the Company’s
available placement capacity at the timeand
otherwise any required regulatory and shareholder approvals."

Thus the share price of BRN shares can go happily to $500.00 and the agreement will still operate as intended.