Over $7m worth of shares to be issued at unknown price to reduce debt. Could buy a bit of time but can't see anything changing with debt terms like below.
LTC LONG SHORT FUND PTY LTD
(a) Facility size: $2,000,000. (b) Interest Rate: 20% interest p/a on drawn amounts, accrued daily, from date of draw. (c) Term: 12 months from the date each Loan Tranche is advanced. (d) Establishment and Facility Fees: $100,000 (to be deducted from the 1st monies advanced) and $200,000 payable in Shares (at an issue price equal to 10-day VWAP as calculated up to the day prior to the 1st monies being advanced). (e) Conversion right: LTC may convert outstanding monies into Shares at 30% discount to the 20-trading day VWAP prior to the date LTC exercises its conversion right.
ME1 Price at posting:
0.4¢ Sentiment: None Disclosure: Not Held
