socius and their modus operandi, page-13

I see. That explains the drop. There will be plenty of shares to be converted at discount and be sold on the market. Here it is in the latest announcement:


Refinancing of Convertible Notes and Standby Funding:

Continental has completed a refinancing of the outstanding amount under the A$5m Convertible Note Facility entered into in May 2012 (refer ASX announcement dated 17 May 2012) and has further established a A$15m standby line of funding.
The Company has negotiated the refinancing of the principal amount outstanding under the A$5m Convertible Note Facility entered into in May 2012. The refinancing has been completed with funding provided by Baycrest Capital LLC (a subsidiary of Dutchess Capital Ltd) and Oracle Securities.

In addition, A$1.25m of the Company’s existing indebtedness has been converted to equity by the lenders. The Company is also continuing in its discussion with the lenders of its other convertible note facilities in respect to a long-term refinancing of the aggregate A$16m facilities. Discussions have progressed significantly over the past 4 weeks and a detailed update to shareholders on this will be provided later this quarter.

The Company has also executed a 3 year, A$15m Standby Line of Funding with Baycrest Capital. Under the terms of the Standby Line of Funding, Baycrest Capital has committed to invest up to A$15m into the Company over a 3 year period. There is no obligation for the Company to utilise this facility during the 3 years of availability, nor does it prevent the Company from undertaking any other capital raisings. The facility does not have any penalties for non-usage or termination, and utilisation of the facility is entirely at the Company’s discretion.