The original Celtic ann was dated 01/10/2012 fro your...

The original Celtic ann was dated 01/10/2012 fro your reference.

It was sketchy on the actual interest rate but you could figure it out. It was all pre-paid interest and paid in shares/options.

"A$1 Million Debt Funding
The Company has entered into an unsecured A$1m debt facility with Perth based investment group, Celtic Capital Pty Ltd. The facility which has a term of eight months and convertible (at the Company’s election) after two months
(maturity) into ordinary shares at either 80% of the average of ten daily volume-weighted average price prior to the maturity date or 130% of the average of ten daily volume-weighted average price prior to execution date of the facility (28 September 2012). The Company is proposing to drawdown the facility in full next week. The Company has paid a fee and interest costs on the facility by way of the issuance of 5,514,706 shares and 5,000,000 options with an exercise price of $0.02 and with an expiry date of 28 September 2015."

As you know that 2months past. We didn't get an official 'extension' announcement at the time. Instead we were left to find out in the half yearly dated 15/3/2013:

"The parent entity issued 1,000,000 of convertible notes in October 2012. The notes and corresponding interest
are convertible at the option of the holder at the holder’s elected conversion price, which is either 80% of the 10 day VWAP at the original maturity date of 28 November 2012 or 130% of the 10 day VWAP at the effective
date of 28 September 2012. 5,420,401 shares having a total value of $75,000 and 5,000,000 options exercisable at $0.02 on or before 28 September 2015 were issued to the convertible note holder as consideration for the provision of the convertible note in lieu of interest. In November 2012 the maturity date of the note was extended from 28 November 2012 to 28 February 2013, and further extended to 31 March 2013. The Group also paid the note holder a $5,000 per month research & brokerage fee for 4 months and
has issued a further 23,666,667 shares having a total value of $142,000 and 23,666,667 options exercisable at
$0.02 on or before 24 December 2015 to the convertible note holder as consideration for the maturity date
extension in lieu of interest."

So for the 2months interest and setup fees, they got $75k. That is steep for 2months. Plus they get $5k/month for "research and brokerage".

It was subsequently extended until 28th Feb 2013. And then 31 March 2013. How much for 4month extension? "Only" $142k. So interest on an annualised basis seems around 42% pa.

Next you will hear about it is in the Full year account is my guess. Another extension from 31 March until 30 June most likely and another ~$100k in shares. But they would be waiting on the ratification of prior share issues so they can fit these shares in under the 15% allowance.

The Okap/Crown loan aint much better. nobody really knows what the money was used for. It just appeared one annual report as a loan with the footnote. Then accrued interest ever since. Now they partially convert at a premium and with interest and fees it quickly doubles again. Remember it too was due to expire in Dec 2012 and no official extension. So fees will be high. Probably a month to month basis.