With reference to the company’s announcement of 25 May 2012, I...

With reference to the company’s announcement of 25 May 2012, I read there are two separate entitlements of 1 free option for each subscribed option.

“The placement was undertaken to international institutions and high net worth investors at a price of 4.8 cents per share, plus one free option at 6 cents per share expiring on 14 May 2015 for each two shares subscribed for. Subject to shareholder approval, I will be personally subscribing for
$500,000 of this placement.

.................


Following the close of the SPP, the Company will make a separate offer to those Shareholders who subscribed for the SPP of one free option for every two Shares subscribed for under the SPP (Free Options) by way of prospectus. The Free Options will be on the same terms as the free options granted under the placement, being exercisable at 6 cents per Share expiring on 14 May 2015. The Company will seek to have the Free Options listed on the ASX.

I read this as two separate entitlements of 1 free option for each subscribed option.