Pure speculation

Macmin today announced the conversion of 675,000
employee options to ordinary shares at 4.5c per share.

Resonable to think that some/all of these new MMN shares will find there way to the market soon ???
Otherwise why exercise right now ??
These options are good for another 4 years.

<< 1,675,000 Non transferable Options (Employee) exercisable between 25 September 2001 and 24 September 2006 at 4.5 cents >>

Not a bad gain right now with the shares selling @ 12c
Let's see how the price of silver performs in the short term. Could see some pressure on MMN - imo.
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FULL TEXT:
Appendix 3B-Conversion of employee options

MACMIN LIMITED 2002-06-05 ASX-SIGNAL-G

HOMEX - Brisbane

+++++++++++++++++++++++++
APPENDIX 3B
NEW ISSUE ANNOUNCEMENT

APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT

Information or documents not available now must be given to ASX as
soon as available. Information and documents given to ASX become
ASX's property and may be made public.

Introduced 1/7/96. Origin Appendix 5. Amended 1/7/98, 1/9/99,
1/7/2000.

Name of Entity
Macmin Limited

ACN or ARBN
53 056 776 160

We (the entity) give ASX the following information.


PART 1 - ALL ISSUES
You must complete the relevant sections (attach sheets if
there is not enough space).



1. Class of securities issued Ordinary Shares
or to be issued

2. Number of securities issued 675,000
or to be issued (if known)
or maximum number which
may be issued

3. Principal terms of the securities Ordinary Shares
(eg, if options, exercise price
and expiry date; if partly paid
securities, the amount
outstanding and due dates for
payment; if convertible securities,
the conversion price and dates
for conversion)

4. Do the securities rank equally Yes
in all respects from the date
of allotment with an existing
class of quoted securities

If the additional securities
do not rank equally, please
state:
* the date from which they do
* the extent to which they
participate for the next
dividend, (in the case of
a trust, distribution) or
interest payment
* the extent to which they do
not rank equally, other than
in relation to the next
dividend, distribution or
interest payment

5. Issue price or consideration $0.045 per share

6. Purpose of the issue (if conversion of employee
issued as consideration for options
the acquisition of assets,
clearly identify those
assets)

7. Dates of entering securities 5 June 2002
into uncertified holdings
or despatch of certificates

NUMBER CLASS
8. Number and class of all Refer attached
securities quoted on schedule
ASX (including the
securities in clause
2 if applicable)

NUMBER CLASS
9. Number and class of all Refer attached
securities not quoted sechedule
on ASX (including the
securities in clause 2
if applicable)

10.Dividend policy (in the case No dividend distribution is
of a trust, distribution envisaged in the near
policy) on the increased future
capital (interests)

PART 2 - BONUS ISSUE OR PRO RATA ISSUE

Items 11 to 33 are Not Applicable

PART 3 - QUOTATION OF SECURITIES
You need only complete this section if you are applying for quotation
of securities

Items 34 to 37 are Not Applicable
34. Type of securities (tick one)

(a) X Securities described in Part 1

(b) All other securities

Example: restricted securities at the end of the escrowed period,
partly paid securities that become fully paid, employee incentive
share securities when restriction ends, securities issued on expiry
or conversion of convertible securities

Entities that have Ticked Box 34(a)

Additional Securities Forming a New Class of Securities
(If the additional securities do not form a new class, go to 43)

Tick to indicate you are providing the information or documents

35. If the securites are equity securities, the names of
the 20 largest holders of the additional securities,
and the number and percentage of additional securities
held by those holders

36. If the securites are equity securities, a distribution
schedule of the additional securities setting out the
number of holders in the categories
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 - and over

37. A copy of any trust deed for the additional securities
(now go to 43)

Entities that have Ticked Box 34 (b)

Items 38 to 42 are Not Applicable

ALL ENTITIES

Fees

43. Payment method (tick one)

Cheque attached

Electronic payment made
Note: Payment may be made electronically if Appendix 3B is
given to ASX electronically at the same time.

Periodic payment as agreed with the home branch has been
arranged
Note: Arrangements can be made for employee incentive
schemes that involve frequent issues of securities.

QUOTATION AGREEMENT

1. Quotation of our additional securities is in ASX's absolute
discretion. ASX may quote the securities on any conditions it
decides.

2. We warrant the following to ASX.

* The issue of the securities to be quoted complies with the
complies with the law and is not for an illegal purpose.

* There is no reason why those securities should not be granted
quotation.

* An offer of the securities for sale within 12 months after
their issue will not require disclosure under section 707(3)
or section 1012C(6) of the Corporations Act.

* Section 724 or section 1016E of the Corporations Act does not
apply to any applications received by us in relation to any
securities to be quoted and that no-one has any right to
return any securities to be quoted under sections 737, 738 or
1016F of the Corporations Act at the time that we request that
the securities be quoted.

* We warrant that if confirmation is required under section
1017F of the Corporations Act in relation to the securities to
be quoted, it has been provided at the time that we request
that the securities be quoted.

* If we are a trust, we warrant that no person has the right to
return the securities to be quoted under section 1019B of the
Corporations Act at the time that we request that the
securities be quoted.

3. We will indemnify ASX to the fullest extent permitted by law in
respect of any claim, action or expense arising from or connected
with any breach of the warranties in this agreement.

4. We give ASX the information and documents required by this form.
If any information or document not available now, will give it to
ASX before quotation of the securities begins. We acknowledge that
ASX is relying on the information and documents. We warrant that
they are (will be) true and complete.


G M Edwards
DIRECTOR/COMPANY SECRETARY
05/06/2002

ANNEXURE "A"

8. Number and class of all securities quoted on ASX (including the
additional securities) -

Note:

NUMBER CLASS

259,441,902 Ordinary Shares Fully Paid
(including 9,000,000 additional)

259,441,902 Total Shares

90,576,608 Options exercisable on or before
20 September 2005

90,576,608 TOTAL OPTIONS


9. Number and class of all Issued securities not quoted on ASX
(including options, preference shares, convertible notes, partly paid
shares, loan securities, etc)

655,000 Non transferable Options (Employees) exercisable between
1 December 1998 and 1 December 2002 at 20 cents.

2,295,000 Non transferable Options (Employees) exercisable between
28 May 2000 and 28 May 2004 at 20 cents.

3,200,000 Non transferable Options (Directors) exercisable between
4 July 2001 and 3 July 2002

1,675,000 Non transferable Options (Employee) exercisable between
25 September 2001 and 24 September 2006 at 4.5 cents.