Massive placement to cornerstone at way under recent price and TERP, and more options thrown in to sweeten the deal.
I expect a stick approach to shareholders- approve this deal or administrators.
Currently 725mn shares on issue (excluding way out of the money options)
500m shares to be issued at 1c - of which 7/Thorney take at least 370m
Price pre-raising = 2.30c
TERP = 1.77c
Discount to TERP - 43.4% -- which is a massive discount
7/Thorney will have 30% of the company just through the placement (and the ability to increase another 5% with the 2c/3c options that arent far out of the money)
NWZ Price at posting:
1.9¢ Sentiment: Sell Disclosure: Not Held
