Just having a look back at the Newmarket finance agreement. Perhaps this has a something to do with the pricing of this CR and Rights Issue:
• The options grant the right to acquire a total of 25 million shares in Quickstep (i.e. one share per option)
• The exercise price will be the lesser of $0.25 or 25% above the issue price of any equity capital raising up to $10 million undertaken prior to the exercise of that tranche of options
The 5M $ CR at $0.15 allows a price reset for the Newmarket options to $0.1875 - close to current market price, and the RI well below current price makes participation attractive. I think that we can expect Newmarket to exercise much of their 25 million options, which will raise up to a further $4.7M$.
Exee
Ouch., page-15
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