it is sickening

Share price on 12,13/05/2010
MST 12-Apr-10 0.014 0.014 0.013 0.013 4254999
MST 13-Apr-10 0.013 0.013 0.012 0.013 1858335

.. now .007

.. IMO the primary cause of the big fall in the sp since mid May is ....

Announcement 13/05/2010

Brisbane, Australia 13th May, 2010: Metal Storm Limited (ASX trading code: MST, OTC Symbol:
MTSXY).
Metal Storm advises that it has entered into a private share placement agreement for approximately
$400,000.
The Company expects to issue approximately 33,333,000 shares to the investor.
The issue price for the shares will be equal to 90% of the volume-weighted average of the closing prices
of the Companys shares over the 15 trading days after the date the shares are issued. Shares issued
under the placement will be subject to a holding lock until the Company has received payment for the
shares.
The Company will also issue one 0.1 cent option for every 8 shares issued, with a term ending 24
September 2012.
END

What a deal! When are these shares going to be issued? And the investor doesn't even have to pay for them up front once he's locked in his price. Almost criminal!