3 awesome points in the report I wanted to highlight for those that may have missed it. Looks like another $1.5m USD coming in, and likely at the premium $1 usd floor price again
- MyFiziq is transitioning to “growth” phase and commercialising operations, courtesy of the twelvebinding term sheets that it has executed with partners across its five business verticals, Each partner is expected to launch the MyFiziq technology (which becomes embedded in the partner’s app) and this is anticipated to generate significant revenue and bring the Company to breakeven point within the next 6 to 12 months.
- Following the execution of a formal funding agreement for USD$1.5 million with Asia cornerstone Asset Management (ACAM) on 1 June 2020, the Company had accumulated over $1.8 million in cash facilities by the end of June 2020 and had cash at bank of $627,127. Under the terms of the agreement, USD$1,125,000 had been received by 21August 2020 and a further USD375,000 is expected to be paid by the end of September 2020.
- Additionally, at the reporting date the Company was already in an advanced stage of raising a further USD$1.5 million (over and above the USD$1.5 million secured with ACAM) as part of its expansion into the US and listing on the NASDAQ Capital Market.
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