Resolutions 13 and 14, page-5

Cheers @Robot42

It appears their may be a few move moving parts to the final no. of shares to be issued to AusSuper via calculation.

The following table is taken from the Explanatory Memo (Page 38) and provides 3 differing scenarios for the Series 3 CN's only.

"In the event the Series 3 Convertible Notes are converted prior to the maturity date, thenumber of Shares issued on conversion will be calculated by reference to the ConversionPrice (subject to any adjustment) and based on the face value of the Series 3 Convertible Notes as adjusted from time to time to reflect the capitalisation of interest and theestablishment fee. The below table demonstrates the potential number of Shares issued onconversion of the Series 3 Convertible Notes in three differing scenarios.

3 This assumes 5% interest on the Series 3 Convertible Notes accrues and is capitalised from the date of issue of the Series 3Convertible Notes until the relevant conversion date, the establishment fee of 2% on the Series 3 Convertible Notes iscapitalised and accrues interest from the date of issue until the relevant conversion date, none of the Series 3 ConvertibleNotes are redeemed for cash.
4 This assumes the Conversion Price is $0.6235 and there is no adjustment in accordance with the Adjustment Rules.
5 Based on current undiluted share capital of 1,211,021,407 Shares and assuming no further Equity Securities are issued andthat 46,662,049 Shares are issued on conversion of the Series 1 Convertible Notes.
6 Based on undiluted share capital of 1,447,658,362 Shares (inclusive of 189,974,907 Shares on conversion of the Series 3Convertible Notes 3 years from the issue date and 46,662,049 Shares on conversion of the Series 1 Convertible Notes) andassuming no further Equity Securities are issued or converted.
7 Based on undiluted share capital of 1,467,508,073 Shares (inclusive of 209,824,618 Shares on conversion of the Series 3Convertible Notes 5 years from the issue date and 46,662,049 Shares on conversion of the Series 1 Convertible Notes) andassuming no further Equity Securities are issued or converted.
8 Based on current fully diluted share capital of 1,501,271,246 Shares (inclusive of 243,587,790 Shares on conversion of theSeries 3 Convertible Notes at maturity and 46,662,04"



As I've mentioned before there are quite a few moving parts to the final calculation depending on time of conversion by AusSuper and a multitude of other 'triggers' and, what are now only assumptions, that may effect the ultimate calculation.

The bottom line is of course that BCI needs the $100mil and this is by far the cheapest source of current funding available to them.

GLTAH