Including 100M share to be issued at 12.5c, current issued share is ~400M share, which translated into market cap of nearly $AU 70M.
After that, cash in bank would be about $13M, minus $7M debt.
However, if all options converted and share price reach 40c, that would be 480M share issued, market cap $190M. Cash from options plus current cash would be $27M.
Questions are: between 17c and 40c, how much CR would WAF need to finish BFS, and finance this project?
More shares will be issued, either as performance options to BOD and key personnel; CR to institution; and SPP to existing share holder.
1 thing for sure, even if deposit NVP worth X times current MC, the share price will not be that much in future because of future dilution.
So do not hold your breath, MC will be $300M, but issued shares will be more than today.
This is not down ramping, but please do not just look at ore reserve and market cap.
Please DYOR.
W
Ann: $12.5 Million Raised in Heavily Oversubscribed Placement-WAF.AX, page-11
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