Ann: Non-Renounceable Pro-Rata Rights Issue - Rev, page-52

re: Ann: Non-Renounceable Pro-Rata Rights Iss... They seem to have a pretty lax definition of related party don't they? hmmm Nova Vita owned the China interest in the solagran rights. Nova Vita then flogged it off to BPO in exchange for those you beaut freebie oppie/underwrite deals that leo only knows too well. yep, and he gets some cash for farming in one of his dodgy deals as well. wipe hands clean and move on. nice work.

Not a related party? lol i bet there are more connections too, going further back. convenient memory loss by the directors maybe.

From their ann on 16/4/07


(f) BioProspect will acquire 2,500,000 Solagran Options from Nova Vita Pty Ltd in return for the issue of 32,000,000 BioProspect Shares and 32,000,000 BioProspect Options ($0.05, March 2010). BioProspect will exercise the 2,500,000 Solagran Options ($500,000) on or before 1 August 2007 with the Solagran Shares subject to the same 12 month escrow period in paragraph (d) above;
(g) BioProspect will acquire from Nova Vita Pty Ltd the China interest it has in respect of the Solagran Rights. The transaction involves a one off payment of $300,000 cash on Completion and an attaching 1.5% Operating Royalty for five (5) years on commercialisation revenue generated in China.
(h) Upon BioProspect completing its $3,000,000 spend, as described in clause 5.1(b) above, and proceeding with commercialisation of the Solagran Rights, Solagran will receive a further 22,500,000 BioProspect Shares and 22,500,000 BioProspect Options. If BioProspect does not proceed with commercialisation, all rights and intellectual property revert back to Solagran;