Here's what the Explanatory statment said about them notes and...

Here's what the Explanatory statment said about them notes and old options. Although it only says "proposes to make an offer...", I presume that they will go ahead and do so, I certainly hope so!

2 The Proposal
2.1 Details of the Proposal
It is proposed that:
(a) the Maturity Date of the Existing Convertible Notes will be extended to
1 September 2011;
(b) the Existing Convertible Notes will be divided into two classes, Secured Notes
and Interest Bearing Notes;
(c) Note Holders will hold Interest Bearing Notes unless they elect to hold Secured
Notes. The Interest Bearing Notes will be the same as the Existing Convertible
Notes except the maturity date will be 1 September 2011;
(d) Note Holders will be issued Unquoted Options if they elect to hold Secured
Notes; and
(e) a charge be granted over all of the assets of the Company to secure the
obligations of the Company in respect of the Secured Notes,
(collectively, the Proposal).
The Company also proposes to make an offer of Quoted Options at an issue price of
$0.001 (0.1 of a cent) to Eligible Option Holders, including the O’Dwyer Related
Parties, after the expiry of the Existing Options on 31 August 2009. Except for the
issue price and the expiry date of 1 September 2011, the terms of the Quoted
Options, including the exercise price of $0.15, will be the same as the Existing
Options.
For more detailed information, please refer to:
Schedule 2: Summary of proposed amendments to the Existing Note Terms;
Schedule 3: Unquoted Option terms; and
Schedule 4: Quoted Option terms.
2.2 Details of the classes of Notes
The Interest Bearing Notes will be the same as the Existing Convertible