Ann: Notice of General Meeting/Proxy Form , page-2

As set out in the announcement on 4 April 2012, pursuant to the terms of the April Placement, the Company agreed, subject to receipt of Shareholder approval, to issue each of the subscribers under the April Placement with one (1) new Option for every two (2) Shares received (Placement Options).

Have a look at this deal the three muskatwer board has made on our behalf.

Pursuant to the terms of the placement agreement between the Company and Patersons Securities Limited, where Shareholders do not approve the issue of the Placement Options, the Company is required to pay a fee to each of the subscribers of the April Placement of 1 cent per Placement Option that the subscriber would have otherwise received. This will result in a maximum fee payable of $650,000 should this Resolution 3 not be passed

So effectivly they have given teh shares at 7.5 cents a dsicount of 25 % at teh time.

Do you want to have your shares further diluted by the option placement or do you want these people to get shares at 7.5 cents.

No wonder CP is annoyed !! What a board we have !! get rid of them !!