I received this email this morning.
Make of it what you will. It may answer some questions.

CARDIEX LTD (CDX) - $4m Entitlement Offer - Closes 5pm (syd time), Thursday, 1 February 2024

Market Price (last traded as of 25.9.2023): 0.135 (13.5 cents)
Entitlement Offer Price: 0.08 (8 cents) per new share + 1 FREE LISTED (QUOTED) option for every 3 shares subscribed without incurring brokerage

'Offer, Strategy and Shareholder Questions/Answers' are outlined below.
'How to participate in the Offer' is outlined below.
As announced on 2 January 2024 (ASX Conditional Approval to Lift Suspension), the ASX has now provided a pathway towards relisting –(potentially early February).

CARDIEX LIMITED (CDX)has authorised us to contact their shareholders on their behalf to ensure you have received thebooklet in the post and/or via emailthat outlines an offer only for existing investors like you, called an “Entitlement Offer Booklet”.

The Companyhas announced a non-underwritten, non-renounceable Entitlement Offer specifically for existing investors only, to raise up to $4 million. Eligible shareholders (such as yourself) have the opportunity to acquire 1 new share at an issue price of 0.08 (8 cents) for every 2.87 shares you hold, without incurring any brokerage costs.

Furthermore, thecompany is also offering 1 FREE LISTED option for every 3 Shares issued under the Entitlement Offer, with an exercise price of $0.20 per share (20 cents) and an expiry of 30 November 2025.


CARDIEX recently conducted ashare placement which raised ~$ 4 m, with strong participation from new and existing institutional and sophisticated investors. C2V, an entity controlled byChairman, Niall Cairns and CEO, Craig Cooper,has indicated to the Company that it intends tosubscribe for up to $790,000worth of Shares under the Placement which is the maximum they can subscribe for under the listing rules.

As part of the overall capital raise, C2V has also agreed to subscribe for their full entitlement under the Entitlement Offer as well as to provide an additional $6m to the Company under a Funding Commitment Agreement. It's also worth pointing out that in total, including the amounts committed under the Placement, Entitlement Offer, and Funding Commitment Agreement,C2 Ventures will have invested over $16m in the Company showing significant support and "skin in the game" from the Chairman and CEO of the Company.

In order to reward existing retail shareholders, the Company is offering you the Entitlement Offer opportunity at the same price and options terms as the Placement.


Given the interest shown in this Entitlement Offer, the Company is also offering a top-up facility, whereby shareholders who take up their shares under the Entitlement Offer in full may also apply for additional shares. Applications for additional shares may be subject to scale-back depending on the final number of additional shares available. We are contacting you today to make sure you’re aware of your ability to participate as an eligible shareholder in the business.

Payment must be received BEFORE 5:00pm (Sydney) on Thursday, 1 February 2024 (“Closing Date”), there’s no need to complete the application form as payment is made via BPAY or EFT. The form just provides payment instructions.

How to obtain your personalised payment form online
Prior to following the below steps, make sure you check and see whether you’ve received an email from ‘Automic’, also check your spam/junk folder.

• This email has a link to the offer document and is personalised so there is a link included for your specific use.

If you cannot find your email,we can arrange for it to be sent again or else you can follow the following manual steps:
Step 1->Follow the simple online instructions with Automic -> Click this link. Select the link ‘Single Access Holding’ or select ‘Single Access Holding’ and on the next page type next to company name -> ‘CARDIEX LIMITED’ or ‘CDX’
Step 2->Once you’ve completed the relevant details, on the main page click the tab ‘Documents and statements’ located on the top right corner
Step 3->Then select sub-heading ‘Other documents’, and click to download the ‘Application payment form’. This form will include your personal payment instructions.
*Make sure you have your SRN/HIN handy. Your HIN or SRN can be found on your holding statement and other security holder communications

For further questions relating to the offer, ‘how to subscribe’, or your payment details please contact Stevan Adzic (Peloton Shareholder Services). – 0401 639 114, or email [email protected]


Proceeds from the Placement and Entitlement offerare intended to primarily be used toprovide the company with funds to support its growth, including:

• Marketing, sales and operational activities necessary to commercialise the newly FDA cleared CONNEQT Pulse in remote patient monitoring, physician, and clinical trials markets.

• To prepare for an anticipated FDA clearance in Q3 CY24 for the Company’s CONNEQT Band in the Arterial health wearable market

• Supporting commercial expansion, including scaling of our supply chain, order-fulfilment, and customer care operations.

• Market access initiatives in support of our commercialisation efforts into domestic and international geographies (including further Potential FDA clearances, and regulatory approvals).

• Continued development of the CONNEQT SaaS platform for physicians and clinical trials and various digital solutions and integrations to encourage product utilisation in the patient monitoring and clinical trial market.

• Payments to suppliers and contracted manufacturing for the build up of inventory and capacity for finished products for sale (with an initial focus on inventory build up of the Pulse to support sales of that product).

• Working capital, general operations and corporate purposes, as well as the cost of the fundraising.

The proceeds will placeCARDIEXin a stronger position to execute on the next phase of its growth and commercialisation strategy as the Company works towards achieving profitability in 2025.

Craig Cooper, the Company’s CEO, recently announced regarding the capital raise: ‘I’m pleased to announce the completion of the Share Placement and the launch of the Entitlement Offer which, together with the funds committed by Niall Cairns and myself through C2 Ventures, will provide a strong capital base to drive growth and take us through to profitability.


In discussions with the Company, we believe there are additional positive factors to consider.

• The fundraise will position the Companyto execute against its vision to be the leading provider of non-invasive biometrics for the early identification and diagnosis of cardiovascular disease – the number one global health disorder.

• The Company’s biometric technologyis the global “gold standard” for measuring central blood pressure and other unique vascular metrics and has been used by specialist clinicians and leading pharmaceutical companies such as GlaxoSmithKline, Novartis, and Bayer for over 15 years. With their recently FDA cleared Pulse device, the Company is now poised to offer that same technology to mass healthcare markets such as primary care physicians and in the application of remote patient monitoring. In addition, in 2024 the Company will be seeking FDA clearance for the application of its technology in a unique health wearable – targeting the 1.3 billion people suffering from hypertension and other vascular disease.

• CARDIEX has a track record of success with 5 FDA clearancesof its technology to date.Recent and upcoming product successes and initiatives include:

1. The CONNEQT PULSE (a world-first connected vascular biometric monitor) – achieved FDA clearance early H1 2023, now in pre-launch and go-to-market planning with a commercial launch targeted H1/2024.
2. The CONNEQT APP – a patient and consumer app providing a full suite of world-first vascular health and fitness tracking metrics with a commercial launch targeted H1/2024 alongside the launch of the Pulse.
3. The CONNEQT CLOUD & PORTAL (a remote patient monitoring and clinical trial management SaaS platform which allows physicians to remotely monitor patients suffering cardiovascular disease) – having a commercial launch targeted at H1/2024.
4. The CONNEQT BAND (a world-first dual sensor arterial health wearable) - with FDA clearance projected H1/2024 and commercial launch targeted H2/2024.

• The Company has a multi-billion-dollar opportunity forthe application of its technology in a wearable as comparable products have recently attracted multi-billion dollar valuations. The Oura capital raise for a sleep wearable had a USD$2.55B valuation in April 2022 and the WHOOP capital raise for a fitness wearable had a USD$3.6B valuation in Aug 2021. The market that the Company is targeting with its wearable technology if the largest health market opportunity with 1.3 billion hypertensives and someone dying of heart disease every 30 seconds in the USA.

• The entitlement offers an incentive structure to participateas the Company is offering 1 FREE LISTED option for every 3 Shares issued under the Entitlement Offer, with an exercise price of $0.20 per share (20 cents) and an expiry of 30 November 2025. The term and price of the option provides Entitlement Offer participants with the opportunity to potentially unlock future value as the Company executes their 2024/25 commercialisation strategy.

• CARDIEX has a highly experienced Board and Management Team, with extensive hands-on operational experience in health technology, strategic business growth, and a wide collective of industry experience in Australia, the USA and around the world.
• CEO, Craig Cooper, is based in the USA and has a track record of founding and investing in multiple successful health, digital media, technology and consumer orientated businesses. He was the co-founder of Boost Mobile in the USA and also founded the largest private energy company in Australia. He was also the founding partner in the SoftBank Capital Technology Fund, backed by Masayoshi Son, the world’s biggest venture capital investor with over $200 billion in capital.
• Executive Chairman Niall Cairnsis Sydney based and has a 25-year track record of value creation, restructuring, and exits in both listed and unlisted companies, having assisted in driving the global growth of over 50 companies in sectors as diverse as digital media, agtech, medtech, consumer Internet, and SaaS based businesses. Companies such as Tru-Test ($148m sale), Gale (AVCAL award winner), Tambla, & US based Harri are examples of Mr Cairn’s recent successes.
• NED, King Nelson, is a 30-year veteran of the US medical industry commencing with Baxter and American Hospital Supplies before becoming a successful serial entrepreneur and CEO of VC backed medtech companies in the US.

• Directors have skin in the game– Directors have invested considerable amounts of their own money through C2 Ventures (>$16m after this fund raise) via direct share purchases/placements. Directors are fully committed to the technology and motivated to ensure its success. CardieX’s major shareholder C2 Ventures (>20%) is equally owned by Chairman Niall Cairns and CEO Craig Cooper. Furthermore,C2 Ventures is subscribing for $790,000 worth of Shares under this Placement (the maximum allowed) and will take up its full entitlement in the Entitlement Offer.In addition, as announced on 8 November 2023, C2V has signed a “Funding Commitment Agreement” to invest a further $6m in CardieX, subject to shareholder approval in 2024.In recent years shareholders have approved the grant to directors of significant performance shares that provide significant incentive and align with shareholder interests on success.

Background on Company
CARDIEX LIMITED(CDX)is a global health technology company. Its ACTOR subsidiary is a world leader in medical devices and digital solutions for hypertension, cardiovascular disease, and other vascular health disorders based upon its SphygmoCor® technology, which is FDA cleared and is the industry “gold standard” for measuring central blood pressure. Its CONNEQT subsidiary develops and markets consumer home health devices and wearables. CardieX is listed on the Australian Securities Exchange

Currently there are more than 4,000 SphygmoCor® systems in use worldwide at major medical institutions, research institutions, and in various (current) clinical trials with leading pharmaceutical companies.

The group manufacturing (now outsourced) and R&D operations are located in Sydney. The American subsidiary, ATCOR Medical Inc., is headquartered in Naperville, Illinois. The CONNEQT subsidiary and executive offices are located in Newport Beach, California, and business development for Asian markets is located in Shanghai.



Shareholder Questions, Company Answers

Question - What will the Entitlement Offer money raised be used for?
Proceeds from the Placement and Entitlement Offer are intended to primarily be used to provide the Company with funds to support its growth and path to profitability, including:

• Marketing, sales and operational activities necessary to commercialise the newly FDA cleared CONNEQT Pulse in remote patient monitoring, physician, and clinical trials markets.

• To prepare for an anticipated FDA clearance in Q3 CY24 for the Company’s CONNEQT Band in the Arterial health wearable market

• Supporting commercial expansion, including scaling of our supply chain, order-fulfilment, and customer care operations.

• Market access initiatives in support of our commercialisation efforts into domestic and international geographies (including further Potential FDA clearances, and regulatory approvals).

• Continued development of the CONNEQT SaaS platform for physicians and clinical trials and various digital solutions and integrations to encourage product utilisation in the patient monitoring and clinical trial market.

• Payments to suppliers and contracted manufacturing for the build up of inventory and capacity for finished products for sale (with an initial focus on inventory build up of the Pulse to support sales of that product).

• Working capital, general operations and corporate purposes, as well as the cost of the fundraising.

The proceeds will place CARDIEX in a strong position to execute on the next phase of its growth and commercialisation strategy as the Company works towards achieving profitability in 2025.

Craig Cooper, the Company’s CEO, recently announced regarding the capital raise: “I’m pleased to announce the completion of the Share Placement and the launch of the Entitlement Offer which, together with the funds committed by Niall Cairns and myself through C2 Ventures, will provide a strong capital base to drive growth and take us through to profitability”.

In summary the “3-part capital raising” ($4m Placement, $4m Entitlement Offer and $6m C2V Funding Commitment Agreement – for a total of $14m) provides the capital required to move towards profitability in the next 12 months and launch multiple new FDA cleared products and solutions (including the CONNEQT Pulse and Band).


Question – Why did the Company’s share price fall in 2023, prior to its ASX trading suspension?

Since the FDA clearance of CardieX’s CONNEQT Pulse in April 2023, which had a strongly positive effect on the share price, the Company had been working to raise the capital required to execute its business plan – launch multiple new FDA cleared products and solutions (including the CONNEQT Pulse and the CONNEQT Band), significantly grow revenues, and importantly, attain profitability. The focus, in FY23, was on a NASDAQ IPO that would have made CardieX dual listed on NASDAQ and also the ASX as the primary exchange.

The ASX, Nasdaq and general financial market conditions in 2023 were negative for medical technology companies and capital raisings. This was extenuated for CardieX by US counsel advice and US SEC regulations that forbade all but critical ASX announcements prior to the expected Nasdaq listing – effectively preventing the Company from publicising any progress.

So with “no new news” and being “cum-raise” the share price weakened while we were running the Nasdaq process and as that process continued to be extended. In addition, as the Nasdaq raise continued through the year the Company’s cash position also weakened which put pressure on the share price notwithstanding the Company had delivered on all of its strategic and product initiatives that had been announced to the market – most specifically, the FDA clearance of the world’s first vascular biomarker monitor, and significant revenues in the Company’s clinical trial business.

In addition, as with the broader market there was further pressure on the share price from macro conditions outside of the Company’s control such are rising inflation, falling markets and rising interest rates along with greater uncertain macro themes.


Question – What happened to the US listing?

The Nasdaq markets, especially IPOs and medical technology companies, performed poorly in the first 3 quarters of 2023. The investment bank leading CardieX’s IPO declined to work with 2 other brokers that were introduced, as they were confident that they could raise the full $10m that CardieX was seeking. In the final week of the SEC process, following clearance of all SEC comments and gaining Nasdaq approval the investment bank could not raise the required minimum that the Company needed to justify a dual listing.

As a result, CardieX withdrew the US/IPO filings and refocused back on the ASX.


Question – why has the company been in trading suspension since end of September 2023?
In late September, the Company announced that it had withdrawn its Nasdaq IPO and was terminating that capital raising process. The Company then requested a trading halt, followed by a voluntary suspension in order to develop and execute against a capital raising plan to replace the US capital raise. ASX then imposed a suspension for the late filing of the FY23 audited accounts (which were subsequently released in November). Since then, the relisting of the Company has been at the ASX’s discretion, and the Company has been working on the completion of the required capital raise as well as satisfying the ASX relisting conditions.

The Company advised the ASX that as part of its pathway to relist it would provide shareholders and the ASX with FY23 audited accounts, updated capital plans and comprehensive business updates.

Comprehensive updates have been provided (including at the 2023 AGM), the audited accounts released and the “3-part capital raising package” (Placement $4m, Entitlement Offer $4m and C2V Funding Commitment Agreement $6m) raising $14mis announced and underway.

Importantly, the Company believes the capital being raised is sufficient to execute its plan – to deliver profitability and to launch multiple new FDA cleared products and solutions (including the CONNEQT Pulse and Band) over 2024 calendar year.

As announced on 2 January 2024, the ASX has now provided a pathway towards relisting – post a successful Placement and Entitlement Offer.

Question – How should I vote in the EGM on 1 February?

The EGM is to approve the issue of the Placement shares, attached free options and C2 Ventures participation (Chairman, Niall Cairns and CEO, Craig Cooper).

Obviously, we cannot and do not wish to encourage any voting either way, except to say that CardieX’s directors unanimously recommend that shareholders VOTE IN FAVOUR all resolutions, to ensure the 3-part capital raising package can be completed (funding the company to profitability) and enabling the ASX to use its discretion to relist the Company.


Question – When will the Company be re-listed?

As announced on 2 January 2024, the ASX has provided a pathway and conditions towards relisting. In effect this is the completion of the successful Placement ($4m), the Entitlement Offer ($4m), and keeping up to date with required disclosures/announcements.

The Entitlement Offer completes on 1 February, which is the same day as the EGM (to approve the Placement), with shares to be issued shortly thereafter (see Timetable). Timing for the ASX (it is at their discretion) to reinstate CardieX trading is expected to follow the EGM and completion of the Placement and Entitlement Offer – in February 2024.

The Capital raised in the “3-part capital raising package” - Placement, Entitlement Offer, and C2V Funding Commitment Agreement – totals $14m, and provides the capital required to move towards profitability in the next 12 months and launch multiple new FDA cleared products and solutions.


Question – The share price has been trending down over the past year, would you say the Company is in a far better position today than it was a year ago? If so, why?

We believe the company is in a better position.

The Company has achieved FDA clearance for the CONNEQT Pulse, increased revenue on Q1 FY24 by 143% (PCP), received $6.2m in cash from the finalisation of the Clinichain clinical trial.

With the 3-part capital raising package totaling $14m from the Placement, Entitlement Offer and C2V Funding Commitment Agreement the Company will have the capital required to execute on its business plan – launch multiple new FDA cleared products and solutions (including the CONNEQT Pulse and CONNEQT Band), significantly grow revenues, and attain profitability.

Thus, Yes the Company is now in a significantly better position than a year ago.


Question – In terms of growth and revenue, what results is the Company hoping for come 2024?

The company delivered Q1, FY24 revenue up 143% and with the completion of the Clinichain clinical trial is likely to have FY24 revenue of c.$10m (up from $4.6m in FY23).


Question – Could further inflationary pressures or rising interest rates affect operations?

Not materially. And it is worth noting that both these economic metrics have been trending downwards over recent months.


Question – Why has the Company decided to run a capital raise now?

Following the FDA clearance of the CONNEQT Pulse in Q2 2023, the Company planned to raise the capital required to launch multiple new FDA cleared products and solutions (including the CONNEQT Pulse and the CONNEQT Band), significantly grow revenues, and attain profitability.

Initially, that capital raising was going to be via a Nasdaq IPO, which was withdrawn in late September 2023. Following the Nasdaq IPO withdrawal, the Company reassessed its capital needs and strategy, recommitted to the ASX, and immediately developed and started executing against a “3-part capital raising package”.

The $14m “3-part capital raising package”, as announced last quarter, is being led by C2 Ventures (Chairman, Niall Cairns & CEO, Craig Cooper) and comprises a fully subscribed $4m Placement, the $4m Entitlement Offer and a $6m Funding Commitment Agreement from C2 Ventures. The total investment by C2 Ventures in this capital raise, including its full participation in the Placement and Entitlement Offer, plus the Funding Commitment Agreement, will be c.$7.6m. The Placement and commitments to the Entitlement Offer have been led by Australian institutions, family offices, and both new and existing investors.

It's also worth pointing out that in total, including the amounts committed under the Placement, Entitlement Offer and Funding Commitment Agreement, C2 Ventures will have invested over $16m in the Company showing significant support and "skin in the game" from the Chairman and CEO of the Company.

The timing of the Entitlement Offer follows the announcement of the successful $4m Placement - on the same basis as the Entitlement Offer - in December 2023. The completion of the Entitlement Offer coincides with the EGM (1 February 2024) to approve the Placement and the participation of C2 Ventures.

Raising the capital now enables the Company to proceed, as announced, with the execution of its strategic and go-to-market plan - launch multiple new FDA cleared products and solutions (including the CONNEQT Pulse in early 2024 and the CONNEQT Band), significantly grow revenues, and attain profitability.


Question– Why has the Company decided to include options are part of the offer?

The Company has done this in order to provide shareholders with the opportunity to invest on the same attractive terms as the Placement participants whilst also providing added incentive to invest (noting that the options are also expected to be ASX listed).


Question - In regard to CONNEQT, what are the Company’s commercial initiatives for 2024?

Recognising the increasing importance of personalised and holistic healthcare, CardieX is strategically aligning its commercial initiatives to drive adoption of its products within multiple healthcare and clinician markets.

One of the primary commercial initiatives for 2024 is the effort to enhance adoption among practitioners and healthcare providers in the functional medicine sector. This involves targeted outreach, educational programs, and collaborative partnerships to integrate CONNEQT seamlessly into the workflows of functional medicine practitioners. By doing so, our solution empowers healthcare professionals with advanced tools and insights that facilitate personalised patient care and improve overall health outcomes.
Additionally, we are strategically focusing on driving awareness through key industry partnerships, notably with the American Heart Association (AHA) and the American College of Cardiology (ACC). Collaborating with these reputable organisations allows us to leverage their extensive networks and credibility within the healthcare community, and in particular, in cardiovascular health. Through joint initiatives, educational campaigns, and co-branded events, we will raise awareness about the benefits of our solutions in managing cardiovascular health and fostering overall well-being.

We are also driving adoption of our solutions in primary care physician markets providing devices and solutions that allow physicians to remotely monitor patients using cardiovascular biomarkers that have previously only been available to specialist clinicians, researchers, and pharmaceutical companies who have traditionally used our XCEL products. Within these markets we are also targeting select healthcare verticals that can be significantly impacted by using our products based on the studies and research. Maternal health and Alzheimer’s are two markets on note here.

Lastly, we also recognize the transformative potential of decentralized clinical trials in enhancing patient participation and data collection, and we are actively working to integrate our CONNEQT solutions into decentralised trial frameworks. Doing will enable pharmaceutical companies to streamline their research process, reduce patient burden, and accelerate the development of evidence-based healthcare practices and open further opportunities for us within healthcare.

It's also worth pointing out that in total, including the amounts committed under the Placement, Entitlement Offer, and Funding Commitment Agreement, C2 Ventures will have invested over $16m in the Company showing significant support and "skin in the game" from the Chairman and CEO of the Company who are incentivised to drive shareholder value in the Company.


Question – If the offer price trades higher than the market price, why would I participate in the Entitlement Offer?

Note: The Company’s shares are currently suspended on the ASX, though as announced on January 2, 2024, the ASX has provided a pathway towards re-listing. The completion of the Placement and the Entitlement Offer are a condition of the expected ASX relisting.

Let’s assume the offer price is higher than the market price; unfortunately, in this situation we can’t control the market price, however there’s a difference between buying on market vs participating in the Entitlement Offer.

Buying on market– means you’re facilitating a 3^rdparty trade for existing shares, so a seller of the stock will receive funds and you will receive the stock at the purchased market price, plus you pay transaction fees.

Participating in the Entitlement Offer– is the purchasing of new shares issued directly by the Company, with funds going directly toward a specific purpose. In this situation proceeds from the Placement and Entitlement Offer are intended to primarily be used to provide the Company with funds to support its growth and path to profitability, including:

• Marketing, sales and operational activities necessary to commercialise the newly FDA cleared CONNEQT Pulse in remote patient monitoring, physician, and clinical trials markets.

• To prepare for an anticipated FDA clearance in Q3 CY24 for the Company’s CONNEQT Band in the Arterial health wearable market

• Supporting commercial expansion, including scaling of our supply chain, order-fulfilment, and customer care operations.

• Market access initiatives in support of our commercialisation efforts into domestic and international geographies (including further Potential FDA clearances, and regulatory approvals).

• Continued development of the CONNEQT SaaS platform for physicians and clinical trials and various digital solutions and integrations to encourage product utilisation in the patient monitoring and clinical trial market.

• Payments to suppliers and contracted manufacturing for the build up of inventory and capacity for finished products for sale (with an initial focus on inventory build up of the Pulse to support sales of that product).

• Working capital, general operations and corporate purposes, as well as the cost of the fundraising.

The proceeds will place CARDIEX in a strong position to execute on the next phase of their growth and commercialisation strategy as the Company works towards achieving profitability in 2025.

Craig Cooper, the Company’s CEO, recently announced in regard to the fund raise: ‘I’m pleased to announce the completion of the Share Placement and the launch of the Entitlement Offer which, together with the funds committed by Niall Cairns and myself through C2 Ventures, will provide a strong capital base to drive growth and take us through to profitability.

In summary the “3-part capital raising” ($4m Placement, $4m Entitlement Offer and $6m C2V Funding Commitment Agreement – for a total of $14m) provides the capital required to move towards profitability in the next 12 months and launch multiple new FDA cleared products and solutions (including the CONNEQT Pulse and Band).

It's also worth pointing out that in total, including the amounts committed under the Placement, Entitlement Offer, and Funding Commitment Agreement, C2 Ventures will have invested over $16m in the Company showing significant support and "skin in the game" from the Chairman and CEO of the Company.

Shares issued under the Entitlement Offer are also free of any brokerage costs which would typically be payable when buying on market.


Question – How much funds will the Company raise as part of this Entitlement Offer?

The Company is targeting a raise of approximately A$4M via the Entitlement Offer.


Question – Can I take-up more than my full allocation?

The Company is offering a Top-up Facility, whereby shareholders who take up their entitlements under the Entitlement Offer in full may apply for additional shares.

Applications for additional shares may be subject to scale-back as the board retains full discretion to this decision.


Question – How will the shares under the Entitlement Offer be ranked against existing shares?

New shares issued as part of the Entitlement Offer will rank equally with existing fully paid ordinary shares in the Company quoted on the ASX, with the same voting rights, dividend and other entitlements.


Question – What’s the minimum or maximum amount I can participate?

There is no minimum. Your entitlement will be based on your current shareholding and will be detailed in the Entitlement Offer documents you will be sent. You will be entitled to 1 new share for every 2.87 shares you hold.

To calculate your full allocation
For example, you hold 10,000 shares, thus your full entitlement is 3,484 shares
Calculation: (10,000 shares you hold / divide by 2.87 = 3,484 full entitlement, under the Entitlement Offer at an issue price of $0.08 per share = $278. You incur no brokerage on this transaction.

You may apply for more than your entitlement allocation via the top-up facility.

If you intend to apply for additional shares (top-up), let's use the example above.
My full allocation - $278
Top up - $1,000

You can make two payments using the same payment details, or lump the two payments into one.