RE: Share offer @ $1.50 ???
"The Offer Price will be payable in full on Application. The Australian
Offer Price is A$1.50 per New Share and the Canadian Offer Price is not
expected to be below C$1.50 per New Share.
It is possible that, depending upon the relative level of demand for New
Shares under each of the Australian Offer and the Canadian Offer and
intervening fluctuations in the exchange rate between the Australian
dollar and Canadian dollar:
(a) the Canadian Offer Price for New Shares paid under the Canadian
Offer may range from being slightly above the Australian Offer Price
to being slightly less than the Australian Offer Price. However, in the
latter case, the Directors believe that such difference will be as a result
of fluctuations in the exchange rate between the Australian dollar and
Canadian dollar, and, in any event, will not be of a material amount;
(b) where any New Shares are issued under the Canadian Offer at a
Canadian Offer Price that is greater than the Australian Offer Price,
this will result in less New Shares being issued under the Canadian
Offer than would otherwise be the case;
(c) where any New Shares are issued under the Canadian Offer at a
Canadian Offer Price that is less than the Australian Offer Price, this
will result in more New Shares being issued under the Canadian Offer
than would otherwise be the case. However, as stated in paragraph
(a) above, the Directors feel that if any such additional New Shares
are issued, their number will be immaterial; and
(d) in light of the above, it is possible that the number of New Shares that
will be issued under both of the Offers could range from slightly less
than to slightly more than 20 million New Shares."