Firstly, respect to all ANZACS, past and present. Thank you for your service.
Secondly, I agree in relation to voting NO and your comments around a pre-organised raise (look at the level of discount, how quick it closed and the options attached). It closed so quickly because it was theft in broad daylight.
I certainly will be voting NO and all investors in my investor group who hold IXR will also be doing so. I encourage all holders to vote NO and send a clear message to the board of management. The issuance of options here is a free lunch and is unacceptable (not to mention the discounted raise to begin with). It is laughable that they would actually include the words 'being a 54% premium to the issue price of shares under the placement', which I have illuminated below in a pathetic attempt to try and convince investors that the options are fair and reasonable. Do they really think shareholders are imbeciles... look at the option term associated with the options to begin with. The strike price is 2 cents which is what our share price was four year ago... think about all the money that has been invested here and the progression made over the last four years. If this isn't shifting value from long term holders to specific holders, then I don't know what is. I am really disappointed with Tim here and thought he had more integrity than what has transpired here. I will be informing him of my distaste to what has transpired here. Cheers, CP.
The Company has received binding commitments from existing sophisticated investors to raise $5.5 million (before costs) through the issue of 423,076,923 fully paid ordinary shares (“Shares”) at an issue price of $0.013 per Share (“Placement”). Participants will receive 3 free attaching unlisted options for every 4 shares issued with an exercise price of $0.02 (being a 54% premium to the issue price of Shares under the Placement) and a 4-year term which will see 317,307,690 unlisted options (“Options”). 216,967,454 free attaching unlisted
Options will be issued utilising the Company’s existing placement capacity pursuant to Listing Rule 7.1, with the balance to be issued subject to shareholder approval.
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