You have to first take into consideration the increased number of shares after the placement i.e. 3,628,992,479 of which 5% is actually 181,449,623.
Therefore in actuality, 181,250,000 represents 4.99% of the issues capital post placement.
Unlucky, or by design? I'll let others decide. But rest assured, no sub holder notice will be forthcoming.
Ann: Share Placement Raises $1.45 million, page-34
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