Share Purchase Plan
We refer to the Company's announcement of 8 November 2010 of a placement to sophisticated and professional investors to raise $4.5 million and a Share Purchase Plan offer ("SPP") to the Company's existing shareholders, with subscriptions for the first $3 million of the SPP underwritten by Patersons Securities Limited ("Patersons").
At the close of the SPP, total subscriptions from shareholders were approximately $2 million (subject to final reconciliation).
The Company advises that Patersons has elected to terminate its underwriting agreement with the Company as a result of the triggering of a share price-related termination clause in the agreement.
The funds raised through the placement and SPP have provided the immediate working capital required as outlined in earlier announcements.
All questions with respect to this announcement should be directed to Ross Kemp on (03) 8614 1518.
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