While I see where you get 25,000,000 x .16 = 4,000,000 (if it is in accordance with the October raising) the Chart at 3.2 Effect on capital structure explicitly states Shares currently on issue 182,898,332, Total Shares on issue after completion of the Offers 182,898,332. This leads me to believe (erroneously?) that the $4,000,000 is to be raised through the offer and issue of (Options) up to 16,580,000 VTXOA and a further 15,708,333 VTXO options. The offer stipulates issue of options in it's title.
I can't see a price at which these options are offered comparative to current market prices. Maybe I am blind or just confused.
Plus up to another 41,055,000 VTXOA and up to 4,500,000 VTXO options to the Lead Manager at $0.000001 per option.
If I am correct then I don't have a huge issue with the offer as RJ stated further funds would be required during the Noosa presentation and the offer is to those who have supported the company previously but retains some benefit to ordinary paid share retail in that the options can't be exercised for some time yet. I'd say they have already filled these or have indications that they will be given the short offer period. If that is the case then clearly those stumping up the funds have a high degree of confidence in the direction the company is heading given they are options. The first options are not exercisable until July 2026 by which time I think we'll all be pretty happy, or broke, or both .
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