Ann: Appendix 3B, page-8

Yes correct, though my view is that it will almost certainly reach a point over 60c so dilution is extremely likely.

Definitely appears to be another step towards securing future funding which is good of course. I'd really just like to know why they were issued and as I mentioned previously, I wouldn't be surprised if they have held that information back to announce it with something else e.g. tomorrow we hear the finalised results from hole 1 with the comment 'SRK agreed to payment in options' or something. That would add fuel to the announcement.