$50M (insto?) placement and $10M SPPwill be interesting to see...

$50M (insto?) placement and $10M SPP

will be interesting to see what is offered in the SPP offer document

quick back of the envelope calculation

bad news we wont get that much under the SPP they only need to raise 0.0166cents per share to get the $10M (600M shares to raise $10M) to be fully subscribed

for example someone holding 10,000 shares only would need to put up $160

they will probably have a minimum pro rata amount, then after that if you apply for more could be big scale back

im sort of happy if instos can fund $50M of this at 60c considering I paid low 40s

I dont have a huge santa sack of money if this was a big raise now i,.e. 30k

this sets the new floor at 60c long term IMO our gains (thus far) are essentially locked in now from a drop sub60