The main purpose of the IPO $15m raise/funds was to build VIC1 (Which was clearly stated and understood by shareholders). They pretty much mislead Investors and lied along the way. Now Investors are down 95% on their hard earned money within a 2 year period. It's disgraceful to say the least and they should have never listed in the first place. The fact Palisade gave them $5m in working capital and it vanished within 6 months says it all. Ecogas single handedly destroyed this company.
Ann: FY23 Annual Report, page-18
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