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"subject to shareholder approval, the grant of 100,000,000 options to CPS Securities in consideration of them acting as lead manager and underwriter."

"(Capital Raising) to raise gross proceeds of up to approximately $2.13 million (before costs)"

Hi Blip. You are right that it is for commission and underwriting. What I am saying is the commission hasn't been disclosed. Hypotheticaly its 5%, but if the sp tanked and we didnt renegotiate the buy in price then PNO only have to increase the commission to say 20% and the deal would be able to succeed. And we would be none the wiser.

CPS get 100mil options just for structuring this deal. The commission will be an additional cash payment and is a percentage of the shares that they actually buy and not a percentage of the overall amount raised.