Pursuant to the
LIMO Deed, as amended, the Company has paid Option Fees of
$405,000, along with associated costs of $20,000.
The Company had 60
days from the date of the last option payment to exercise the
option to purchase 20% of the Joint Venture for $1.35 million,
inclusive of the option fees of $405,000. On October 24, 2011, the
Company executed a Deed of Variation of Call Option extending the
exercise date of Option to April 24, 2012, for a consideration of
$55,000 for each month extended. The Company did not
exercise the option to purchase 20% of the Joint Venture on April
24, 2012 and accordingly $425,000 prepaid option fees have been
expensed (see note 1).