Ann: March 2023 Quarterly Activities Report and Appendix 5B, page-33

It was only last November. Seems odd to that they did a convertible 6m loan at the same time as a CR/SPP. Why wouldn't he have just contributed to the CR? Were they maybe at the max CR size they could do without a shareholder vote?

Looking a the language in my screenshot, the conversion does not sound voluntary: "Converting Loan which will automatically convert to ordinary shares at the sameissue price, upon obtaining approval from the Company’s shareholders at a general meeting to be held inearly CY23".

But there is something a bit odd going on here. In the 29nov2022 announcement re the fund raising (CR, SPP, converting loan) it states Baker and Sorensen committed to subscribe to $1.0 million by way of a Converting Loan". But Resolution 1 of the May General Meeting asked for approval to convert $1 million owed to just Baker. It appears that Sorensen reneged on his commitment to pony up $500k.


The other odd thing, the recent announcement of conversion of Baker's loan was only for $480k. What happened to the other $520k of his loan?