The Company is pleased to announce that it has received firm commitments for a placement to eligible professional and sophisticated investors, including existing substantial shareholder DELPHI Unternehmensberatung Aktiengesellschaft, of 378,333,333 fully paid ordinary shares in the Company at an issue price of $0.006 per share (New Shares) to raise approximately $2.27 million before costs.

The Company is also offering eligible shareholders the opportunity to acquire New Shares at the same price as the placement ($0.006 per share) through a one (1) for four (4) non-renounceable pro-rata rights issue to raise up to $4.4 million (before costs and expenses).