Ann: Notice of General Meeting/Proxy Form, page-5

This looks smart and fair to me. The directors do not own any of the options, but are offering to roll over options for genuine existing investors for another 6 months at an exercise price of 7.5 cents. If they are then in the money, that will provide sufficient cash for roughly another six months of operations.

Despite the share price falling below the recent capital raising price of 3.5 cents, all three directors are fulfilling their obligations and will jointly purchase $1 million worth of shares at 3.5 cents. They are behaving absolutely properly and fairly in regard to these matters and it is good to see.

Nothing is more obvious than that the company is tight on cash. But it is also clear the directors are fully backing the company. In a worst case scenario and the 7.5 cent options are not exercised in November, they almost certainly will get another raising away later in the year to see them with cash through to the end of 2020.

There is considerable optionality built into this company at a very low price, which the directors apparently believe in. With a little bit of luck and one or two visible contract wins, the price could be considerably higher, particularly given the heavy (forced) selling presently underway.

But, no doubt, it is certainly one for the patient!