Ann: Appendix 3B, page-3

There is no big deal here

Essentially placement shares from Decembers $5.5 Mil placement been added to the register which were not included in the 3B back in December, which has been fully documented along the way.

There are still outstanding shares to be issued to C2 Ventures, but due to the this now bringing there total holdings to 19.99 percent, under the corporations act they are limited to convert any more of the note into shares until a later date

These shares will not hit the market.


There is probably 1 question mark that i have in regards to the performance rights, since Craig's indirect holdings of 19.99 percent and his recent performance milestone being reached and awarded 8 million shares. This obviously puts him over the 20 percent threshold for the company.

Does this mean he is required to sell these shares on market, to get back under the 20 percent threshold to stay compliant with the corporations act. Or do these shares rank differently because of the way they have been allocated to him personally ?

If its the former, it could go a long way to explaining the recent high volume push down?

Anyone able to clarify?

Cheers