placement at 28cents, page-21

Well, we're all getting the chance to do the equivalent of participating in the placement. Everyone who's been grizzling, on the basis of having been excluded, can now step up and be in with a chance of being filled @ 28c.

Elude, I looked again at your sums and I believe you forgot to include the cost of exercising the free 1:5 attaching options to the raised capital. If you add in the 37c exercise price the cost of the offer still comes out to ~28c per share after dilution - not 25.5c

Ordinary: 13,303,571
Options : 1,330,357, ex @ 37c = $492,232 added to capital raised if exercised.
Total 14,633,928 diluted shares

Cap raised $3,725,000 + $492,232 = $4,217,232

Price - Ord 0.280c
Price - Diluted 0.288c
Or discounting for time till expiry, still ~0.28c cost per diluted share