$4.4m raised in total, not $7.6m.

"Everything forward, has to be to limit dillution, to protect old money.
they chose to do a limited CR, 3.4, that oversubscribed went to 7.6"

The above a quote from Jordan Rivers and some other posters have supported it,
due to some ambiguity that i can't blame them for misunderstanding.



HOWEVER, to clear it all up IMO, this is the explanation:

There is a definite need for the Cap Raise figure of $7.6 to be qualified before it is accepted, as it was only a claim made by a poster and it was never announced by the company.

I have now qualified the claim to the best of my ability and my discovery is that indeed, $7.5 million WAS NOT raised and this is my opinion derived from the facts at hand.

At no time has the company stated that a figure of $7.6 million was raised and i don't believe it was deliberately implied by the company, but it could justifiably be imagined to be the case if you were hopeful enough shareholder and you believed anything that was said with some flashy figures to confuse you.






SEE this:


This won?t please anyone who owns the shares.
I believe that $7.6 million dollars was NOT raised.

It is not an accurate claim to have made and if you read the announcement carefully, the actual Dollars raised were stated CLEARLY in its title and then it was again stated in the detail within the first and second paragraphs.


It is not sound to add the August 3.4 mill to the 4.4 mill figure.

They are both ?tranches? of the total 4.4 million, as raised over a two step period between August and September.


The ambiguity is that the full details were split up between two announcements.

A TOTAL figure that began being raised back in August and which was recently finalised, is to the total of $4.4 million - not $7.6 million, as some have suggested and agreed about.


Here is the proof:

Announcement titled: "Equity Capital Raising: $4.4 Million
Share Placement Successfully Completed"

Simple as that, but it goes on and its clear that only a total of 4.4 was raised.
This total figure was raised between August and late September.


?MAE advises that it has received commitments for approximately $4.2 million for a placement to a range of professional and sophisticated investors.
On 17 August 2010 the Company announced to the market that it had completed a Placement to raise $3.4 million.
This Placement had been oversubscribed??

THEN, take a look at the announcement title, which describes the total that was raised between August and now.


Be careful about what unofficial information you listen to people,
for although the company has accommodated the ambiguity,
at the same time they have carefully and categorically stated that only 4.4 mill was raised.
This was stated in the announcement title and then the company went on to explain that it was raised in two stages that created the total $4.4 mill, first stage in August and final stage just now.

Also know - that there have only been 'commitments' to this raising and that cash has not been received - hence the company needs approvals before having any access to any of the money.


Cheers

L