St Barbara Mines Limited Annual Report 2004 Notes to the Financial Statements  for the year ended 30 June 2004 33. EVENTS OCCURRING AFTER BALANCE DATE Since 30 June 2004 the following has occurred: • On 15 July 2004, the Company announced the conversion by Ocean Resources Capital Holdings plc of the face value  of its convertible note of $4.4 million into 55,000,000 ordinary shares at $0.08. • On 19 July 2004, the Company announced the resignation of Kevin Dundo as a Director with effect from 18 July 2004.  • On 20 July 2004, a General Meeting of the shareholders of the Company was held and the following resolutions were carried: - Mr Eduard Eshuys was elected as a Director; - Mr Colin Wise was elected as a Director; and  - Mr Stephen Miller was removed as a Director. • On 20 July 2004, the Company issued 42,050,000 fully paid ordinary shares at $0.04 per share to raise $1,682,000 for  working capital. • On 20 July 2004, the Company issued 17,480,547 fully paid ordinary shares to Ocean Resource Capital Holdings Limited  at $0.046 per share in satisfaction of interest of $804,105. • On 23 July 2004, the Company issued 26,591,453 fully paid shares to Resource Capital Fund II L.P. Holdings Limited at  $0.046 per share to raise $1,223,207 for working capital. • On 23 July 2004, the Company announced that Mr Eduard Eshuys was appointed as Managing Director and  Mr Colin Wise was appointed as Non-Executive Chairman. The new Board appointed Deloitte to conduct a review  of the Company, including the terms of employment of the former Executive Chairman. Key elements of Mr Eshuys’  remuneration which have now been agreed between Mr Eshuys and the Company are: • Salary inclusive of superannuation of $300,000 per annum; • In connection with his relocation to Perth, provision of a motor vehicle and other allowances for the  fi  rst six months of employment in total $24,000 plus attributable FBT, plus a relocation allowance of $20,000 which is refundable in certain circumstances; • Opportunity to earn a bonus of $250,000 in respect of the 2005  fi  nancial year subject to satisfaction of Board approved performance criteria; • The contract is of no  fi  xed term and is subject to termination by the Company on twelve months’ notice; • Mr Eshuys will be granted options to acquire ordinary shares in the Company on the following terms and conditions that require shareholders approval at the forthcoming Annual General Meeting: a) 15,000,000 options exercisable at the weighted average price of the Company’s ordinary shares on ASX for the four week period commencing on 20 July 2004, vesting: - 5,000,000 on execution of employment contract - 5,000,000 on 21 July 2005 subject to Mr Eshuys’ continued employment b) 20,000,000 options exercisable (subject to Mr Eshuys’ continued employment) at 15 cents each vesting: - 5,000,000 on 14 September 2005 - 5,000,000 on 14 September 2006 - 5,000,000 on 14 September 2007 - 5,000,000 on 14 September 2008 - 5,000,000 on 21 July 2006 subject to Mr Eshuys’ continued employment with all other terms and conditions consistent with the Company’s employee share options plan. • On 6 August 2004, Resource Capital Fund II L.P. Holdings Limited advanced the Company $1.2 million for working  capital to be converted into shares as part of a future equity placement. The timing and quantum of such a placement have  not yet been determined. The advance is interest free and unsecured. • On 12 August 2004, the Company announced that following the completion of the initial review by Deloitte, agreement  was reached with the former Executive Chairman, Mr Stephen Miller, for his employment to end with effect from  4 August 2004. This resulted in a termination payment of $257,543 inclusive of all statutory entitlements (less applicable  taxes). Mr Miller then resigned from the Boards of all wholly owned subsidiaries of the Company and from the Boards  of NuStar and its subsidiary. • On 24 August 2004, NuStar announced that a detailed mining plan had established a Mining Reserve of 1,202,000 tonnes  at 10.66g/t - containing 412,100 ounces of gold. with all other terms and conditions consistent with the Company’s employee share option plan.