In the last Annual Report, it shows that there are actually convertible notes on issue with a face value of $1,340,000 maturing on 30 April 2011.
Prior to the maturity date, the total number of notes are redeemable by PYC by payment of $1,675.000, and are convertible by the noteholders at 5c/share. On the maturity date the notes automatically convert to 33,500,000 shares at 4c/share.
These details were also in an earlier post by chinesewhispers.
ST
In the last Annual Report, it shows that there are actually...
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