Ann: Institutional Share Placement, page-94

Well Leggy it all comes down to where you think the stock price heads (and I don't have a crystal ball but up would be the preferred direction.



Now I also don't have the data as to daily VWAP prices, but if you (or anyone else) has that data please share it.

So I'm just digging out the old Subscription model and make a couple of adjustments for discussion.
AFAIK no subscription placement shares were issued in Mar

Now ASSUME for a moment that the investor chooses to elect to receive 10,000,000 shares in Apr and just for grins to best VWAP prices for 5 days in the last 20 days averaged out to 18cps (got no idea though). Lower price VWAP means they get more shares.

Now use the crystal ball ... what if the best price in May was 25.8cps and they elected delivery?

To me it makes Tranch-1 look as follows




But that all depends on future stock price ... and they have 24 months to elect to take delivery.

The thing I look at is what did it cost us to get the $6M (so ex establishment fee which is counted elsewhere) and in the above its 26,750,000 shares at an average of 22.4cps .. so not the 32cps headline

The important thing was getting to capital to get to FID and progress the project. That takes us to where we are now and hope those non-binding HOAs can be converted to binding off-take and finance.

Why the angst fellas?
And what exactly is the significance of $200M (no time to play games though).