solbec options . why the wait, page-14

re: new announcement out Does it represent good value? Who knows, but it is interesting to note the excercise pricing ... makes you hopeful that things will get better and better??


SOLBEC PHARMACEUTICALS LIMITED 2003-06-11 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
OPTIONS ENTITLEMENT ISSUE

The Company advises that the Directors have resolved that subject to
shareholder approval, the Company will make a pro rata offer of up to
157,767,385 options at an issue price of 0.5 cents per option to
acquire shares in the Company. The pro rata offer will be made to
shareholders and holders of the existing listed options on the basis
of 1 new option for every 2 shares held and 1 new option for every 2
existing listed options held at the record date that will be set out
in the relevant prospectus.

If fully subscribed the options issue will raise additional working
capital of $788,836 before costs of the issue.

Each option will entitle the holder to subscribe for one share,
exercisable:

* 12 cents within 12 months of the date of issue of the options.

* 20 cents within 24 months of the date of issue of the options.

* 30 cents within 36 months of the date of issue of the options.

The options will expire within three years of the date of issue.
Shares issued pursuant to an exercise of these options will rank
equally with shares then on issue.

The Board resolved to offer the options to allow all security holders
a further opportunity so participate in the expected and anticipated
growth of the Company.

The issue of these options will be subject to shareholders approval
at an Extraordinary General Meeting anticipated to be held in Perth
in July 2003. A Notice of Meeting will soon be sent to all
shareholders.


John Sendziuk
COMPANY SECRETARY
10th June 2003