Ann: Change of Director's Interest Notice, page-35

From the annual report - always an interesting read with this company

Capital Raising
The Company placed 51.45m new shares at an issue price of $0.0065 on 31 October 2022, which represented
a premium of 8.3% to the last traded price of $0.006 and a 4% premium to the 5-day volume weighted
average price at the time of issue. These funds raised, together with existing funds were for general working
capital requirements.
Furthermore, a $32 million (before cost) capital raising program began in March 2023. The program comprised
the following components:
• an institutional placement to raise approximately $2.7 million (Institutional Placement)
• a 1 for 1 accelerated non-renounceable pro-rata entitlement offer to raise approximately $9.3 million
(Entitlement Offer); and
• the issue of new convertible notes (Armour Notes) to raise approximately $20.0 million (Armour Notes
Issue). These were subject to shareholder and Secured Noteholders approval and consent (received
after year end).
The Institutional Placement and Entitlement Offer were fully underwritten by Wilsons Corporate Finance
Limited, and the Armour Notes Issue were underwritten by Bizzell Capital Partners Pty Ltd.
The capital raising program was undertaken as part of Armour’s ongoing recapitalisation program allowing
for a reduction in the Secured Amortising Note debt, refinancing of the maturing MOG Note debt and to
enable development and exploration activities to be undertaken to enhance production.