Just to be clear. The company is not relying on the funds from the SPP. Of course as much participation as possible would be helpful. However, any company wanting assurances around an SPP participation usually underwrites it to guarantee the money.
The SPP while it will be helpful is not critical to our position. It has given shareholders an opportunity to reduce as much dilution as possible depending on the size of a persons holding.
I have subscribed for both my maximunim allocations but I have no idea the quantum of funds the company will raise.
They had over $1 million from the SPP at the time of the AGM and think they may get 3 million or so with most funds raised tomorrow.
This capital raising has already been a success with the $5.3 million raised from funds and the $700k that will be approved for Director purchases.
Any money raised from the SPP will be a bonus for the company and the person who subscribed.
So be it $2 million, $3 million or $4 million it will neither be a “success” or a “failure” it will be what it is.
Looking forward to all the news flow over the next 3 months.
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