Ann: Funding secured to underpin new phase of revenue growth, page-2

So they're raising $1m via a placement and $1m via SPP at 3.9c per share. So 25.6m shares to be issued under the placement and 25.6m to be issued under the SPP. So in total, that's 51.2m shares to be issued.

Currently, there are 52m shares on issue. Current market cap is $2.3m. So they're basically raising a similar amount to current market cap and issuing a similar amount to current shares on issue. Wow. I'm speechless. Talking about diluting the $h!t out of shareholders.

At this rate, this company will become another DXN. Share price will be a fraction of a cent in a year time.

Will be interesting to see who participated in this issue. 3m shares will make them a substantial shareholder in this company and they will be required to lodge the notice.

On a side note, all seed shareholders escrowed shares will come out of escrow on Nov 10th 2022. Fun time ahead.