prospectus, page-2

I think this was very badly done and feel for buyers at 5.1 cent the day before the announcement.

Placement is for 40m shares only (approx 10% of issued shares) and being offered to clients of one broker and therefore will be difficult for shareholders and outsiders to acquire at 4 cents. This is the reason they are trading at 4.3 and not the 4 cents placement price.

If it were done as a rights issue to existing shareholders on a 1:10 basis with shareholders given the opportunity to take up shortfall they would probably be trading well over 5 cents as the price would have been driven up with investors chasing rights.

Von.