They're seeking approval to issue $10mill worth of shares to sophs - at between 2-3c - so up to 500mill additional shares. If obtained, they'll use $5mill of that to repay the $5mill tranche owed within 3 months of approval.
If approval is not given other forms of funding are proposed - one of which is a rights issue.
I hope the proposal gets defeated - a rights issue looks after retail holders - like us little guys.
Ann: General Meeting Letter to Shareholders, page-4
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