Not surprised the initial take up was low and $1-1.5M is probably the number I would have guessed. As not everyone has free funds on hand to invest or might consider they have enough funds already invested. My bigger concern was the ability to find the additional investors. A shortfall in raising funds would have been a disaster. Is great news there was strong institutional interest and appears to be no issues raising significant funds above the $3.4m. So others must see the value.
This at least means they can do a proper job of setting up some high quality US operations. This will be critical to AML3 success to drive sales and there can be nowhere to hide if sales do not take off after setting up US operations.
Not too worried about the extra dilution at this point, as I see the current company valuation as being very low cf the revenue. This does assume they can get sufficient ongoing revenues to become consistently cash positive. Hopefully the $12M this financial year is just the start of bigger things.
This announcement for me is good news.
AL3 Price at posting:
6.1¢ Sentiment: Buy Disclosure: Held
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