There are three clear reasons for the shareholder meeting: 1....

There are three clear reasons for the shareholder meeting:
1.   Approve the issue of options to APP and Patersons in accordance with their mandates for raising funds under the re-compliance raising (i.e. the $3 million we raised in December/January).  This was disclosed in our prospectus and we only need shareholder approval now because of the historical breach of the Listing Rules that has taken away our 15% placement capacity.
2.   Approve the issue of performance rights to key personal/management.  This is just so we have the ability to issue equity compensation to key consultants/employees to attract and retain them.
3.   Approve a placement (only if required).  We do not need these funds at present but want to maintain the flexibility to raise funds should a really good opportunity present itself.  Either way, I would not want to raise funds at less than $0.05 so we have some work to do before an equity raising would ever be contemplated.

Pete

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0	Regards Peter Wall Partner Level 4, The Read Buildings, 16 Milligan Street, Perth  WA  6000  Australia
1	Tel: +61 8 9321 4000	Fax: +61 8 9321 4333	Mob: 0403 065 957	Email: [email protected]	www.steinpag.com.au
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