I suspect Bergen were the culprits today - dumping their...

I suspect Bergen were the culprits today - dumping their shares:

Bergen were issued 9,723,977 Ordinary Fully Paid Shares on 17 May

and 12,500,000 Unlisted Options exercisable at $0.2216 per Option into
Ordinary Shares on or before 16 May 2015

A$5 Million Convertible Note Facility

The Company is also pleased to announce that it has finalised a convertible note facility with US based Bergen Global Opportunity Fund LP for up to A$5 million.

Bergen Global Opportunity Fund, LP is a New York-based investment fund that invests in high growth public and private companies around the world.

The A$5 million facility will be made available to the Company in three tranches, with the first tranche of A$2.5 million already drawn (under its existing 15% capacity) and two subsequent tranches each of A$1.25 million after 30 and 60 days. The convertible securities are interest free and secured against 6,800,000 shares of the Company. The convertible securities are convertible into the Company’s ordinary shares at 90% of the average of five daily volume-weighted average prices of the Company’s ordinary shares during a specified period prior to the date of their conversion, and with up to A$1.5 million at a conversion price equal to 130% of the average of the daily VWAPs per Share during the 20 trading days immediately prior to the execution date of the agreement. The facility is subject to a floor price of A$0.15, whereby the Company may elect not to issue the convertible notes and to terminate the facility at no cost if the market price of its shares is below the floor price.

A facility fee has been paid by way of the issuance of shares of the Company. The Company has issued 12,500,000 options with an exercise price of $0.2216 and with an expiry date of 16 May 2015 to the investor.
The facility will be used by the Company for general corporate purposes and working capital and to assist in the evaluation of advanced and producing opportunities both in and outside of South Africa.



----

from the 3B:

Ordinary Shares
Ordinary Shares will rank pari passu with existing Ordinary Shares.

Options
The Options will be exercisable at $0.2216 per Option into Ordinary Shares on or before 16 May 2015

Convertible Security

The face value of the Convertible Security is A$2,500,000 (the
Principal Amount). The Convertible Security does not bear interest and is unsecured. The Convertible Security shall be convertible into new Ordinary Shares of the Company determined by dividing the Principal
Amount to be converted by one of the following, at the Investor's
election:

1. 90% of the average of five daily VWAPs per Share during a
specified period prior to the conversion date of the Convertible
Security into minimum floor price for conversion and no shorting
obligations; and
2. 130% of the average of the daily VWAPs per share during the
20 trading days prior to 15 May 2015.
The Convertible Security does not carry any voting rights at meetings of shareholders of the Company, and has no rights of participation in any rights issue undertaken by the Company prior to conversion of the Convertible Security.

http://www.conticoal.com/_content/documents/573.pdf