I think this information is important for new comers as a balanced view to add to the-sky-is-the-limit comments thrown in this thread. The latest Quarterly Activities Report for Mar-2019 Qtr reads:
- Equity Placement Facility: On 8 August 2018, the Company entered into an Equity Placement Facility with the Kentgrove Capital Growth Fund, an investment fund managed by Kentgrove Capital Pty Ltd, a Melbourne-based investment management firm. Under the Facility, Kentgrove Capital may provide the Company with up to A$20 million of equity capital in a series of individual placements of up to $1 million (or a higher amount by mutual agreement) over the next 20 months.
- On 25 October 2018, the Company issued 100,000,000 shares under this facility, resulting in cash inflows from financing of $1.35million. This facility remains in place and has been utilised at the Board’s discretion with net proceeds to be accessed in the near term.
The Prospectus dated 08/08/2018 reads:
- For each new placement, the Company nominates the relevant placement period, the maximum amount of the placement (up to $1,000,000, or an amount equal to the total number of Collateral Shares on issue multiplied by the minimum issue price, or a higher amount as agreed between the parties), and the minimum issue price.
25/10/2018 - 100 million shares issued at A$0.0135 per share (A$1,350,000).
06/05/2019 - 72,596,869 shares issued at $0.00676 per share (A$490,754).
... well there are plenty, plenty of shares to be issued and the financier would be more than happy to provide funding at the lowest price possible and sell at the highest price possible, you make your own judgement and decisions. I still hold but only what I can afford to lose.
