Ann: Update-SGO.AX, page-2

"Issue of Convertible Notes

Steam proposes to raise additional working capital by way of an issue of unsecured convertible notes (“Notes”). The Notes, which will mature on 31 December 2016 will have a face value of $25,000 each, bear interest at the rate of 8% p.a. and be convertible into ordinary shares at a price of 4 ½ cents per share.

The Notes will be offered to sophisticated and professional investors who are already significant shareholders in the company and are therefore deemed to be familiar with the state of affairs of the Company.

Initially $500,000 in notes will be offered with provision for an additional $500,000 in Notes to be issued if required.

Financial Statements for the Half Year to 31 December 2015

We now expect to be in a position to lodge our half yearly Financial Statements for the period ended 31 December 2015 by the end of August 2016 at "which time we will provide a further market update and request that the suspension of our shares be lifted."

Phoenix?