The EXPLANATORY STATEMENT states the following.(a) the total...

The EXPLANATORY STATEMENT states the following.

(a) the total number of securities which may be issued under Resolution 3 is a maximum
of 100,000,000;
(b) the recipients are not known at this point however will be determined at the Board’s discretion and be
professional and/or sophisticated investors;
(c) no securities pursuant to Resolution 3 will be issued to Directors of the Company or their associates;
(d) the securities will be allotted and/or issued progressively no later than three (3) months after the date of
this meeting;
(e) the terms of the securities will be at the Board’s discretion but will be issued at not less than 80% of the
average market price for securities of that class on the last five (5) days on which sales in the securities
were recorded immediately prior to the date of issue;
(f) the securities will rank pari passu with all securities of that class; and
(g) the funds raised will augment the Company’s working capital and its present work programme
obligations.