The only acceptable reason for a CR would be for the introduction of a cornerstone investor of significant clout who has deep pockets. If that is the case, then why not give them 25 mill shares @ 4 or 4.2c. They would be many advantages in doing the above ....
I just hope that they are watchful of the amount of shares issued in the CR. I recall that there is a clause in two of the tranches of warrants totaling just over 35 million given to PURE. Currently exercise price is 18c per warrant. If the company increases shares on issue via CR by more than 15% ( about 50 mill shares), the exercise price will reduce from 18c to the CR price.
SE1 Price at posting:
4.5¢ Sentiment: Buy Disclosure: Held
