I'm either not remembering things correctly, or maybe I've just got my wires crossed, but...
My recollection of the original announcement for raising funds is that it involved two tranches of $4.4m (firstly) and then an additional $1m following shareholder vote.
So the first tranche of $4.4m was done, no problem.
But then at the EGM they vote on the placement of 40 million shares to raise $2m instead of the original $1m.
Now they announce that instead of placing 40 million shares, they've decided to place only 20 million to raise only $1m because they don't actually need $2m.
Can anyone explain what just happened? Or is my memory just completely whack?
Ann: Market Update, page-24
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