Well that didn't take long!
Reset the 7.1 and 7.1a yesterday, raise today.
I expected a raise just not right now.
I hope the price doesn't give too much of a discount!
Under the listing rules the maximum discount is 25% to 15 day VWAP.
15 day VWAP is 44.9c - 25% (11.225) = 33.7c
Maximum shares that can be issued = 15% (36.9m shares) under 7.1 and 10% (24.6m shares) under 7.1a
Total 61.5m shares at ??cps
Using the 33.7cps above at maximum discount gives us $20.7m assuming worse case scenario.
I wouldn't like to see it much below 45c to be honest. At a premium would be better but the likelihood of that is remote.
Anyway, somebody will get a terms sheet no doubt.
We could be in for some short term pain.
No wonder the brokers were there yesterday and onsite last week!
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