Prospectus Terms and Conditions

A Prospectus for the pro rata non-renounceable entitlement issue of four (4) Shares for every five (5) Shares held by Shareholders at an issue price of $0.10 per Share to raise approximately $3,001,626 (before costs) together with one (1) new Option (for no additional consideration) for every two (2) new Shares issued, exercisable at $0.24 on or before 30 June 2013 (Entitlement Issue).

The Prospectus is dated 29 September 2010.

IMPORTANT INFORMATION

This is an important document that should be read in its entirety.  If you do not understand it you should consult your professional adviser without delay.

Lodgement of Prospectus with the ASIC

The paper form of the electronic Prospectus (including its attached Application Form) accessible through this website has been lodged with the Australian Securities and Investments Commission (ASIC).

The Entitlements Issue will only be made to shareholders with registered addresses in Australia and New Zealand on the relevant Record Date, being 11 October 2010.

If you are not a shareholder, or a shareholder whose registered address is outside Australia or New Zealand, you are not entitled to participate in the Entitlements Issue. 

The Prospectus will be dispatched to eligible shareholders of the Company for the purposes of the Entitlements Issue on 13 October 2010. 

To view the prospectus you need to have Adobe Acrobat Reader 4.0 or higher.  Adobe Acrobat Reader can be downloaded at the following website:

http://www.adobe.com/products/acrobat/readstep.html

WARNING:

For legal reasons, the information and electronic Prospectus provided by this website is available to persons accessing this website from within AUSTRALIA ONLY.  If you are accessing this website from anywhere outside Australia, please DO NOT download the electronic Prospectus accessible through this website.

The Prospectus does not constitute an offer in any place in which, or to any person to whom, it would not be lawful to make such an offer.

The distribution of the Prospectus in jurisdictions outside Australia may be restricted by law and persons who come into possession of the Prospectus should seek advice on and observe any of these restrictions.  Failure to comply with these restrictions may violate securities laws.  Applicants who are resident in countries other than Australia should consult their professional advisers as to whether any governmental or other consents are required or whether any other formalities need to be considered and followed.

The offer under the Prospectus to New Zealand investors are regulated offers made under Australian and New Zealand law.  In Australia, this is Chapter 8 of the Corporations Act and the Corporations Regulations 2001.  In New Zealand, this is Part 5 of the Securities Act 1978 and the Securities (Mutual Recognition of Securities offer under the Prospectusings – Australia) Regulations 2008.

The offer under the Prospectus and the content of the Prospectus are principally governed by Australian rather than New Zealand law.  In the main, the Corporations Act sets out how the offer under the Prospectus must be made.

There are differences in how securities are regulated under Australian law.

The rights, remedies, and compensation arrangements available to New Zealand investors in Australian securities may differ from the rights, remedies, and compensation arrangements for New Zealand securities.

Both the Australian and New Zealand securities regulators have enforcement responsibilities in relation to the offer under the Prospectus.  If you need to make a complaint about the offer under the Prospectus, please contact the Securities Commission, Wellington, New Zealand.  The Australian and New Zealand regulators will work together to settle your complaint.

The taxation treatment of Australian securities is not the same as for New Zealand securities.

If you are uncertain about whether this investment is appropriate for you, you should seek the advice of an appropriately qualified financial adviser.

The offer under the Prospectus may involve a currency exchange risk.  The currency for the Shares is not New Zealand dollars.  The value of the Shares will go up or down according to changes in the exchange rate between that currency and New Zealand dollars.  These changes may be significant.  If you expect the Shares to pay any amounts in a currency that is not New Zealand dollars, you may incur significant fees in having the funds credited to a bank account in New Zealand in New Zealand dollars.

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