convertible notes, page-12

You are correct resourceboom - the money has been payed in the past (8th Jan 2007) so yes, it is not more money in the kitty now though is the money that has been used to advance drilling, and seeing that the SP was only 20c at the time of issue you should really look at it as having acquired shares at about a 25% discount at that time (ie getting about 6.6 shares per dollar they spent back then versus 5 shares they would have got at market in Jan 2007), and given the fact that they had to pay it about a year ago to receive the shares now you would depreciate that to about a 15% discount - so really it was not a particularly bad thing for either party and probably in line with normal cap raising. That doesn't alter the fact that it would still have been nicer for the SP to be 50c to minimise dilution.