Considering the¨new investor Redelinghuys to invest $205,000 at 1.5 cents, $500,000 Placement, Rights Issue to raise not less than $500,000, Fairhurst $650 000 as shares and $1.1 million issue for Mason and others for loans and salaries the dilution would be about 200%
When price is going up under such circumstances it may be a good opportunity to sell, there is a motivation to keep the share over 1.5 cents??
The new problem swap operations are likely not to bring any value except for Ms Fairhurst and directors
"..announce that it has placed 13.667 million shares at 1.5 cents to raise $205,000 cash to a new cornerstone investor, Mr. Gerhard Redelinghuys, founder of Bowen Coking Coal Ltd, Queensland. This is a part of the Placement announced to the ASX on 15 April 2024, being the total amount of stock the Company has available for placing at this time. A subscription for a further 6.333 million shares at the same price ($95,000) has been agreed to by Mr.Redelinghuys, which will be placed as a part of the total intended $500,000 Placement, subject to approval at the Company's planned EGM in late May 2024. The Company expects to have binding commitments to the remainder of the Placement shortly.
