The GEM facility is made up of a number of investors who made a committment to the arrangement that sits under the GEM facility when FYI had a market cap of 10m.
Cost of the facility to FYI The Company will pay a fee of 2% of the Equity Commitment within 18 months (exclusive of GST) to GEM in connection with the facility - PAID ALREADY FYI will issue to GEM or its nominee 46.7 million options with an exercise price of 15 cents each expiring 5 March 2024 - All options now fully exercised by GEM, $7m in the kitty for FYI
No more payments to GEM are required by FYI now.
The facility remains there to be used for equity drawdown if we need cash however there is no obligation to do so.
FYI Price at posting:
37.5¢ Sentiment: Buy Disclosure: Held
