It's obvious mns should not be trading. They should be suspended.
They do not have 2 quarters of available funds.
They bullied their way through the asx rules.
The usual Magnis Minnow smoke and mirrors..... expected maybe could be... if pigs could fly etc
Punters are being fooled. The asx is not doing it's job imo.
Watch out DYOR
8.6 Total available funding (Item 8.4 + Item 8.5) 14,917
8.7 Estimated quarters of funding available
(Item 8.6 divided by (Item 8.3 x -1))
1.6
8.8 If Item 8.7 is less than 2 quarters, please provide answers to the following questions:
1. Does the entity expect that it will continue to have the current level of net operating
cash flows for the time being and, if not, why not?
Answer: Yes, as each of our business units are currently in ramp up and development phases.
2. Has the entity taken any steps, or does it propose to take any steps, to raise further
cash to fund its operations and, if so, what are those steps and how likely does it
believe that they will be successful?
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
ASX Listing Rules Appendix 5B (17/07/20) Page 5
+ See chapter 19 of the ASX Listing Rules for defined terms.
Answer: YES, as previously announced, iM3NY is expected to receive a total of USD2M (AUD
3.175M) from the Empire State Development grant in the current quarter. Also prior to the
end of the September quarter MNS entered into a Standby Equity Deed the terms of which
are in the link:
[https://wcsecure.weblink.com.au/clients/magnisenergytech/headline.aspx?headlineid=21472
959] which has the potential to raise circa $1.6m as the first instalment of 20,000,000 shares
with a floor price of $0.08 has already been issued with the funds to be received upon sale of
the shares. Subject to the Company having the power to place the remaining 60 million
shares, in total the Company could raise circa $6.4 million through this facility. Also, in
connection with the July 2023 placement, $1.9 million of funds subscribed is still to be
received by the Company and two of the directors have undertaken, subject to shareholder
approval, to subscribe for $400,000 in shares. In addition, the directors are engaged in
seeking additional capital from the debt and equity markets and believe these efforts are
more likely than not to be successful. The details of such negotiations will be advised to the
market in accordance with the Company’s continuous disclosure obligations.
3. Does the entity expect to be able to continue its operations and to meet its business
objectives and, if so, on what basis?
Answer: YES, with the initiatives referred to in the answer to 2 above and cash on hand.
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