An excerpt from the land aquisition annoucement last...

An excerpt from the land aquisition annoucement last year:

"Acquisition Completion
Satisfaction of the US$4m consideration payable at completion has been met through the issue of 206,483,154 shares. The number of shares issued in order to meet the consideration value has been determined on the basis of the volume weighted average price of Peninsula shares over the thirty (30) days immediately prior to the date of completion. The shares have been issued under existing Listing Rule 7.1 capacity.

Further consideration of US$45m remains payable upon completion of a Bankable Feasibility Study on the Karoo Projects and the securing of a minimum 50% debt financing for the funding required to develop the projects to production (Financing). Should Financing occur after 1 January 2016, an escalation factor will be applied. Peninsula, at its sole discretion, can elect to pay the deferred consideration in cash or shares"