Ann: Letter to Shareholders Saturn Metals Priority Offer Amended, page-17

Actually PeterPlus, Peel will not receive any cash at all. Consideration for the assets will be in the form of Saturn stock.

"The proposed transaction will see Saturn issue to Peel, as Apollo’s nominee, 20,000,000 fully paid ordinary shares as consideration for the Apollo Hill assets. Following the sale, Saturn will look to undertake a capital raising via a Public Offer with a view to listing on the ASX. Under the Public Offer, Saturn will seek to raise up to $7,000,000 through the issue of up to 35,000,000 fully paid ordinary shares at an issue price of $0.20. Peel Mining Limited shareholders will be given a priority offer to take up shares in the new listing."

"There is no guarantee that, after the trading restrictions in respect of the Consideration Shares are lifted, the market for the Shares in Saturn will be liquid so that the Company can realise cash from the Consideration Shares."