"For one thought the placement of 15% will be made AFTER the SPP.
Which means if they raise their $10m the number of shares on issue regarding the 15% will be more than the 45m you worked out."
Well, this was my initial thought, and I had 68m (from memory) in my calculations, but then I read the SPP letter again and notice they explicitly state "about 45m shares". So I went with that number.
I don't know about the legal requirements of doing these two things at once, but I do know that anything over 15% of issued capital requires a s/h vote. I'm guessing that the base must be the current number of shares (approx 300m), rather than the enlarged base after the SPP.
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thoughts on spp and placement, page-3
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