Ann: Wombat-4 Update and Issue of Partly Paid Sha, page-4

re: Ann: Wombat-4 Update and Issue of Partly ... not too much dilution really the way i read it is they have to pay 1 cent with another half in 2014 thats for 38 mill directors are being reoffered theirs same deal bit more cash in the kitty

ISSUE OF PARTLY PAID SHARES TO STAFF
The Board has resolved to offer staff the opportunity to subscribe for a total of 38 million partly paid shares at a price of 1.5 cents each paid to 0.1 cents. The shares are to be paid up in full by 30 September 2014. If the unpaid amount is not paid then the partly paid shares are forfeited, but the holder does not remain liable to pay the unpaid amount. The issue price represents a premium of 36% above the closing price of shares in Lakes Oil N.L yesterday of 1.1 cents. Attached are the Terms and Conditions of the partly paid shares and the Provisions of various items relevant to them.
EXPIRY OF DIRECTOR OPTIONS
Currently all Directors options expire in November of this year. Accordingly the Board has resolved, subject to shareholders’ approval at the Annual General Meeting on 27 November 2009, to offer Directors the opportunity to subscribe for a total of 150 million new partly paid shares on the same basis as are being offered to staff set out above.
The issue price of 1.5 cents represents a premium of 36 per cent above the closing price of shares in Lakes Oil N.L yesterday of 1.1 cents.