On Friday morning 2nd June 2023 it was reported by newspapers that:
Funds for explorers plummet by $1.67b and that explorers are facing an uphill battle to source funds, with a new report showing investment fell off a cliff in the March quarter as a consequence of economic and geopolitical uncertainty.
Financing cash inflows more than halved from $3.02 billion in the December quarter to $1.35b, according to research by professional advisory firm BDO.
Exploration and investment spending fell 17 per cent and 51 per cent respectively, while the number of ASX-listed exploration companies plateaued at 787.
And what does the Rimfire board do? It rejects,without any explanation, a $4.0 million funding package from Anton Billis's company Lake Grace Pty Ltd , which was unquestionably most favourable to shareholders. The condition of the offer was that the existing board resign.
Could this have been the real reason for the rejection? Hmmmmm!
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Ann: Section 708A Cleansing Statement, page-3
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