I thought with partly paids there was an obligation to pay the remainder i.e it's not an option, you must pay to convert them to fully paids? The Brisconnect partly paids for example where a whole lot of people punted on them under 1c for the leverage not realising they had a legal obligation to cough up the $1 per share to convert.
Ann: Unaly Hill Vanadium Project Drilling Update, page-44
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