re: Ann: Notice of Annual General Meeting/Pro... Trade,
No, more than comfortable with the recently announced raising, basically insurance if the drill has challenges.
My concern is if we are being asked to approve a further 39M shares @ 16 cents on top of the 23M and 7.5M just announced. I need to read the document properly to understand whether this is one in the same or a separate transaction, however if separate definitely not keen to have the price locked in at 16 cents for a July raising when you would assume we would be trading much higher.
I can only assume I have misinterpreted in my skim read and need to read all resolutions in detail to better understand, simply does not appear logical unless management are favouring new shareholders and not old which I doubt. Below is the detail of resolution 13:
Listing Rule 7.3 requires the following specific information to be provided in respect of the 38,900,000 Shares:
(a) The number of Shares to be issued is up to 38,900,000.
(b) The Shares will be issued no later than 3 months after the date of the Meeting (or such later date to the extent permitted by any ASX waiver or modification of the Listing Rules) and will be issued in full (not progressively).
(c) The issue price of the Shares will be $0.16.
(d) The Shares will be issued to sophisticated investors and professional investors (as defined
in the Corporations Act.
(e) The Shares will be fully paid, ordinary shares in the capital of the Company issued on the same terms and conditions as the Company’s existing ordinary shares.
(f) The intended use of funds raised is the support of the Company’s exploration activities at the Company’s Tarfaya Offshore project.
(g) The issue of Shares will occur no later than 3 months after the date of the Meeting (or such later date to the extent permitted by any ASX waiver or modification of the Listing Rules) and will be issued in full (not progressively).
The shares proposed to be issued will comprise approximately 22.28% of the Company’s share capital (as at the date of this document).
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