Ann: DW8 Secures Institutional Funding Launches Entitlement Offer, page-90

So it was the option with less money combined with DT pulling a rabbit out the hat. In this instance a carrot to ram up shareholders behinds & a NOLO drink to reflect the dilution.

Triton would have bailed. The new mob is only tipping in $1.5M & another $1.5M within 7 months. And maybe another $2M after 7 months. Heaps of conditions too.

The initial investment will raise $1,500,000 for $1,690,000 worth of Subscription Shares, and is expected to be received in the next week. The second investment will raise $1,500,000 for $1,635,000 worth of Subscription Shares within seven months after the initial funding. A third investment raising up to $2,000,000 for Subscription Shares worth an equivalent amount may be undertaken, if required by the Company, and only with the consent of both the Investor and the Company, within the next twelve months.

The Investor will not be obligated to provide the second investment, if the market price of the Company’s Shares is below $0.01 and does not recover to above that level within three months after the Investor notifies the Company. The proceeds from the second investment will not exceed 3.75% of the Company’s market capitalisation, without the Investor’s consent. Finally, the Investor may postpone the funding of the second investment by up to two months from its seven-month deadline.

FV will be 1 x TTM = $18M / 3145M shares = 0.57c. This will drop below 1.1c CR. Why buy at 1.1c when they will be cheaper on market? This mob might not forward the funds too resulting in a new sub 1c CR & more dilution.

Which means they will have difficulty raising $4.85M from investors at 1:6. Most likely a few top 20 might gobble up the excess & keeps the lights on beyond 6 months.

Had $3.35M cash at end of June 30 so will be running low now.

Mega Millions jackpot odds of 1 in 303M. Maybe need to invest the funds on some tickets.