Not happy with the dilution, and was hoping for a raising in mid-teens but looking at it objectively this structured raising solves all funding needs.
1. $4.3mln now
2. Up to $9mln in March 2024
3. Up to $11mln by 2025 (options exercisable at 4.6c)
4. Up to $14mln by 2027 (options exercisable at 6c)
It appears that the $100k limit for SPP was designed for the current and new sophs. Essentially, let's not piss off current shareholders too much by raising "only" $4.3mln from placement but give new shareholders an opportunity to put in more funds through SPP if current shareholders do not come up with money. Great financial engineering.
Time to find $100k...within 4 weeks.
Ann: BLG secures $4.3 million to fund growth - launches SPP Offer, page-6
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