Have I missed a few comments?
Question...
In addition to the $600k (5% of $12M), the lead Manager (Evolution Capital) will also be receiving 32.5M Options at $0.001 (0.1c) for their efforts?! Noting exercise price ($0.25), these options are/were already in the money. Effectively, 32.5M shares in addition to the 60M new shares will dilute the market. Yes the expiry date is 2 Dec. 24, but if in the money they could be exercise today.
Am I reading the announcement right? Really hope I am wrong!
Ann: Strongly supported institutional focussed funding round, page-54
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