Late 2015/early 2016 they had a placement followed by a SPP at 15cps
$4.5m placement supported by major shareholders/directors/associates
However the following SPP, targeting $2.5m, only raised $A285k
Some existing loans from directors/associates were also converted to equity.
Got the job done in the end, and they went on to get the MEL c/note funding....
Perhaps we'll see a repeat of the placement/spp strategy if the directors and associates are still keen and cashed up.
BYE Price at posting:
9.5¢ Sentiment: None Disclosure: Not Held
