Ann: Notice of Meeting, Executive Incentive Plan and option issue, page-98

"The options whilst having an estimated value of $530,000 calculated using the Black Scholes model and the inputs shown below are worthless unless the Company’s shares increase by 30% in value above the 5 day volume weighted average share price prior to grant date and will not vest at all unless an announcement to the effect of potential economic viability of a future development project is made by the Senegal Joint Venture."

So who would exercise their option and pay ~ 13 cents if the share price is 10 cents.

Given that a development plan must be submitted by January 17 they are likely to be exercised by then. If not were all likely losers.

Absent without leave from the AGM agenda is the standard 7.1A 10% additional share placement. Have something been missed?


IMO etc​