Just to note … if fully subscribed we would get AUD0.6m from the Directors placement + AUD15.6m from the issue – a total of AUD16.2m.
This would convert to USD 11m at an exchange rate of 0.68
USD 9.3m would be used to repay debt, leaving USD 1.7m cash left – I note that poorinvestor said from the AGM this was stated at USD2.5m left – but I think they may have meant AUD2.5m as USD 1.7m converts to AUD 2.5.
Add the remaining USD 1.7m from the issue to the current end Sept cash balance of USD 2.5m from the 4C would give them USD 4.2m to play with – which on rising cash receipts and EBITDA positively from next quarter may last a little while, especially if you drop off the $140k a month in interest payments they are currently paying.
Of-course this assumes the issue is fully subscribed or underwritten
It also assumes no issue expenses
Just food for thought
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