Ann: $1,000,000 Investment in Austpac Resources NL, page-7

The US group would not have committed if there was nothing on the plate.

They obviously know who APG are talking to and how advanced things are. Liberty One is obviously their and interested as is the Wollongong mob.

As for the conversion price it is pretty simply.

If the company hasn't succeeded with some good deals within 24ths they never will.

If they do the SP will be multiples of current price.

The US group would have factored a buffer into the timeframe.

Both Colin Iles and Terry Cuthbertson are of the view that they are going very well.

In my eyes a good deal.

Much better than a loan secured with interest and payments leaving the company venerable.

The risk is all taken by the US company.