A need for capital to grow a business is always encouraging, and someone at least would require a good reason to be prepared to invest $5.6 million.
The announcement includes the statement that "This is an on-going placement - more tranches will be allotted in the future".
Listing rule 7.1 allows for 15% of new shares to be issued without prior shareholder approval. With a base of 489 million a total issuance of 73.3 million applies under this rule. The implication is for up to a further 35 million new shares to be involved.
Hopefully at a significantly higher price than current.
Ann: Appendix 3B and s708A notice, page-15
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