It’s a good announcement and a good deal for both company and investors. It’s basically an equity raise at 8c which should put a floor on the share price. The founders out their hands in their pockets so that’s got to be positive otherwise why would they? I’m curious to know if the Asian based investor is a fund or maybe a strategic? Not sure and really I think it’s again good sign of confidence. Good to see management slashed their salary and Uzi managed to bring down burn rate by 30% (I Guess that’s cutting all the precious clowns??). To the numbers, w the $800k they should be around 1.2m in the bank I would have thought so that gives them till May June to get revenue coming. I Guess Uzi is very confident he can start getting sales within Q1.
Good outcome. Much better than raising at $5-6c w most of Aussie investors away anyhow.
