If anyone has any concerns they should communicate with Chris, he is very approachable.
Some good responses I received recently
Why is Regulatory review required for the fundraising?
Ultimately all fundraising undertaken by the company needs to comply with a range of regulations. The aim of the funding is to provide greater ongoing certainty of funding for the business, minimise immediate dilution and leverage the value of expected increases in the share price as the business continues to progress. The current discussions is not about a straight forward placement and is a more sophisticated structure. As a result of this it requires additional review and this is a specific requirement of the ASX Listing Rules.
Does regulatory review need to be approved before a 'Binding agreement' is signed?
Yes it is required by the ASX Listing Rules. Depending on this review it may require amendment to the proposed structure. It would not be prudent to sign a binding agreement that could later be invalidated due to regulatory non-compliance.
What is the expected timeframe to achieve the Binding agreement?
We are working as fast as possible to complete negotiations with all parties. We are ensuring that we obtain the best structure for the Company. As soon as we have more definitive information we will release it to the ASX for all shareholders.
Are you looking at entering the New Zealand market with DMC?
New Zealand is an opportunity for DriveMyCar, especially as the entrants we have seen in the market appear to offer poor value for money. The major focus remains on Australia as there are still many opportunities to be exploited in Australia.
CL8 Price at posting:
1.7¢ Sentiment: Buy Disclosure: Held
