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Steadygrowth

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23/02/21

13:03

Post #: 51246485
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Originally posted by fyffee: ↑

it seems that the only purpose of the share consolidation was to give more opportunity for the share price to fall any further. It's hard for it to go below 0.1c, hence the need for a 20:1 consolidation. It also enables the next capital raising to be at 5c rather than 0.12c that was looking likely prior to the consolidation. On the cash in the bank - it is now down to $1.86m - what happened to the cash that was raised in the capital raising that was supposed to be concluded on 10th Feb, barely 2 weeks ago? Is it still to come in or has it been spent already? Today's 2A announcement shows the issue of 21.9m new shares @ 7.5c ea, which raised only $1.6m - barely enough for another 3 months of operation. Is that the entire proceeds from the latest capital raising announced on 10th Feb. What's happened to the cash that was supposed to be raised from the placement to SIs, which was supposed to raise between $2.5m to $4.75m and was supposedly oversubscribed? Did some of those SI's bail out when they realised they were being taken for a ride?

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Not sure why you even care but second tranche still needs SH approval. So will be getting remaining $3.1m once that's formalised.

WFL Price at posting: 8.4¢ Sentiment: Buy Disclosure: Held
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