cw options, page-5

It's going to cost Mr Wallin 50c each to activate his options
- not very attractive if the takeover is sub 50c.

The question is what would a takeover do for his other payments. He got the options to allow exploration on his land and other payments to be made on a staged basis on the following milestones:
o Stage One - $2.35M payable in CLR shares upon completion;
o Stage Two - $4.7M payable in CLR shares at commencement of mining at Bluff or
after 5 years from the completion of Stage One; and
o Stage Three - $2.35M payable in CLR shares upon production of the first 1Mt of
saleable coal from Bluff.
All shares will be issued at $0.40 per share, which is equivalent to the 90 day vwap for CLR shares.
This represents an 11% premium to Carabella’s share price on 19/12/2012.