The news is a CR aiming to raise $8.5m at a steep discount from an already very low base for working capital, CAPEX for ultranode/grant matching and $500k for sales and marketing (not sure what this will be spent on probably new guys salary as they don’t seem to do anything in the way of marketing)
Also appears the Insto shares will be issued prior AGM, the other side of the raise to existing holders the shares will be issued post AGM in early December.
At present there is nothing new in the docs provided to Sophs but who knows they may surprise with something prior to raise closing, in which case why the hell would they raise so low…
The offer will likely be filled easily as it is one heck of a discount off recent trading highs that without the overburden of options from last raise this should have held and ran up.
GLTA just another kick to the groin region.
ADO Price at posting:
2.7¢ Sentiment: Buy Disclosure: Held
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