Ann: March 2017 Quarterly Report - Appendix 4C, page-77

Well, excuse me, I read te terms and conditions of the notes a while back, just had another look: the exit fee is indeed 6m shares. The raising fee is 6% plus 2 year options.

So basically, if the fund manages to offload the notes, they keep the options plus the 6%, and quite possibly also the 6m shares. Even if they keep the notes, pocketing the 15% interest and adding te raising and the exit fee and the options, I'd still sit comfortably at these prices if I were the fund.

On the other hand, if I were a professional investor, I wouldn't touch this stock with a stick, due to te existence of the convertible notes, their seniority and them being secured by the assets. I'd only ever touch this thing if I saw a significant revenue rolling in.