Capital Raising
• To assist the Company to re-comply with Chapters 1 & 2 of the ASX Listing Rules (Listing Rules) and support the SeaNG Transaction costs, the Company plans, subject to the approval of the Company’s shareholders, to conduct a capital raising under a prospectus to raise A$4.0 million through the issue of fully paid ordinary shares in the capital of the Company (Shares) at a proposed price of A$0.17 cents/share.
• Foster Stockbroking Pty Ltd has been appointed as lead manager for a maximum A$4.0 million capital raising to be undertaken in conjunction with the SeaNG Transaction. Firm commitments have been received for A$4.0 million at the proposed issue price of A$0.17, including the participation by Directors subject to shareholder approvals. Maurice Brand (Chairman and CEO) has committed to take up A$340,000 in the capital raising. The capital raising is not underwritten. The minimum subscription amount has been set at A$4.0 million.
Watching with interest. Impressed by MB putting his hand so far into his pockets at 17 cents.
Expect short term sell however
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