Subject to shareholder approval, the Directors of the Company are supporting the Placement by subscribing for 5,333,334 of the Tranche 2 Placement Shares and 10,666,668 Placement Options for $160,000 (Director Participation Amounts). The Tranche 1 and Tranche 2 Placement Shares and Placement Options will be allocated to the Placement participants on a pro-rata basis (net of allocations of the Director Participation Amounts).
The issue price of the Placement Shares will be 3.0 cents per Placement Share, each with 2 attaching Placement Options. Each Placement Option will be exercisable at 10.0 cents at any time on or before 5 pm AEST (3pm AWST) on Thursday 27 June 2019 to acquire 1 fully paid ordinary share in the Company.
The Company will apply for the Placement Options to be listed on the ASX subject to satisfaction of the relevant ASX requirements.
The Tranche 1 shares will be issued under the Company’s existing capacity under ASX Listing Rule 7.1A.
The Tranche 2 Placement Shares and the Placement Options are subject to shareholder approval prior to issue.
These are placement options
So the dilution is nowhere near the 76.5% you are saying
more like less than 25%
ARD Price at posting:
2.7¢ Sentiment: Buy Disclosure: Held
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