This is NEW......
So we can now factor in another $9.2 million in floating line of Credit available out to 31st July 2023 .....which just happens to be 3 months and 2 days from the date of the expiry of the OC 2.0 cent options should net the company proceeds of over $7 million in additional working capital as well.
I will be voting YES to this one as well. But its also handing to factor into future Cash Flow when other more negative posters are stating that we don't have access to any Cash resources.
Resolution 10 – Ratification of the issue of Shares to Acuity Capital
Background
On 28 October 2019 the Company entered into a controlled placement agreement (CPA) with Acuity Capital Management Investment Pty Ltd ATF Acuity Capital Holdings Trust (Acuity Capital). On 29 April 2021 the parties agreed to increase the CPA limit of $3 million to a new limit of $15 million and to extend the expiry date of the CPA to 31 July 2023
The CPA provides the Company with up to $15 million of standby equity capital over the period to 31 July 2023. The Company retains full control of all aspects of the placement process, having sole discretion as to whether or not to utilise the CPA, the quantum of issued shares, the minimum issue price of shares and the timing of each placement tranche (if any). There are no requirements on the Company to utilise the CPA and it may terminate the CPA at any time, without cost or penalty. Acuity Capital and the CPA do not place any restrictions at any time on the Company raising capital through other methods. If the Company does decide to utilise the CPA, it is able to set a floor price (at its sole discretion) and the final issue price will be calculated as the greater of that floor price set by the Company and a 10% discount to a volume weighted average price over a period of the Company’s choosing (again at its sole discretion).
On 30 June 2021, the Company announced it had utilised the CPA and issued 95 million shares at a price of $0.06105 per share to raise $5,800,000.
(20min delay)