30/11/2021 Results of meeting announcement. Approval of 7.1A mandate was not passed.
My belief is that VMS are now restricted to issuing only 15% of the total number of shares for the next 12 months. (Which is why I sold most of my holdings)
The current capital raising of $5.5M represents about 10.5% . Well within the 15%.
However in this announcement (offer booklet) VMS claims they can issue up to 30%. My knowledge of ASX capital raising rules is limited and would appreciate any information that would clarify the situation before I reinvest.
How can they use 30% if the shareholders have restricted them to 15% ????
In the 9 months after the Julimar discovery Chalice raised about $160M, using the full 30% rule and selling investments. (RMS and O3, about$20M)
If Thor is a Julimar replica , VMS would need to raise about $48M to maintain their 30% of the JV with Chalice.
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