Happy with the terms. Fair discount and great to see Director put skin in the raise with his own $100k.
25m options with a 3c strike to the lead manager seems fair, with current price of the heads in the low 0.01's, I believe it works out. It does state the options are a 'part of their remuneration'. Does this mean there is also a cash payment? Doesn't state it, so maybe it's only the options which is good as there seems to be no cash payment required.
Looking forward to the revised MRE in a few months time.
Ann: $2.0M Placement to Fund Additional Drilling at Briggs, QLD, page-3
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