Reading up on this seems like a good deal for those involved in this financing facility, additional $1.7M, convertible at an issue price of 0.17 compared to previous ann on loan financing.
Additional $1M to be raised for working capital, subject to shareholder approval on equivalent terms, for the largest shareholder. (Are they doing this to keep them happy?)
Agree we do need cash in the short term, but raising an
additional $2.7M compared to the previous loan financing announcement with shares convertible at 0.17, is quite a punch in the face given our share price recently. (Almost 50% discount). They could of easily raised a higher amount at our current share price.
Hopefully thats the last of our raises in a while, before we need to raise more (at a significantly higher price).
(20min delay)