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.
AJQ Price at posting:
14.5¢ Sentiment: Hold Disclosure: Held
