Here you go The Notes are: ƒ fully paid – the Issue Price of...

Here you go

The Notes are:

• ƒ fully paid – the Issue Price of $1.00 per Note must be paid to the Company before the Notes are issued;
• ƒ redeemable – the Notes are subject to early redemption by the Company at a 20% premium to the Face Value
  of $1.00 (subject to a right for Noteholders to elect to convert their Notes into Shares). Any Notes not converted or
  redeemed prior to the maturity date will be redeemed at Face Value;
• ƒ secured – the Notes are secured by security (ranked as described below) granted by the Company and each of
  the Australian Subsidiaries to the Trustee under the terms of the General Security Deeds;
• ƒ ranked, for security purposes, after Existing Senior Debt Obligations and Permitted New Debt – although they
  have priority over the Company’s ordinary shares and the claims of unsecured creditors, the Notes rank behind the Company’s Existing Senior Debt Obligations, any Permitted New Debt and the claims of other creditors with priority at law in a winding-up; and
• ƒ convertible – the Notes are convertible by the Noteholder at a oating conversion price, which will be set by reference to the formula set out in Section 1.2 below and in Section 8 and is based on a maximum share price of 3 cents per Share.

The Noteholder has the right to convert some or all of its Notes into a number of Shares determined by application of the following formula:
A
B
A = the Conversion Amount, being the aggregate Face Value of the Notes the subject of the relevant conversion
notice; and
B = the Conversion Price, being the lower of $0.03 or the VWAP during the 30 days before the date of the relevant