So to raise at 0 .0032 & raise 5 mil Au results in the issue of...

So to raise at 0 .0032 & raise 5 mil Au results in the issue of 1,562,500,000 shares , so thats exceeds 100% of the registry,
ridiculous actually.
ASX Listing Rule 7.1
Listed entities outside of the S&P/ASX300 with a market cap of $300 million or less will be able to seek
shareholder approval to raise10 per cent of issued capitalper year via placement.
This 10 per cent is in addition to the current 15 per cent placement capacity under Listing Rule 7.1.
Aug 1, 2012
Interaction between listing rules 7.1 and 7.1A
Under listing rule 7.1, every listed entity has the ability to issue 15% ofits issued capital without security holder approval in
a 12 month period.
Only eligible entities that have obtained security holder approval by special resolution at an AGM have the ability to
issue an additional 10%of issued capital in a 12 month period under listing rule 7.1

So normally the combination of 10% Raise 7 extra 15% placement capacity if pre approved by share holders combined
equates to a maximum of 25 % therefore protecting share holders by limiting the maximum dilution to the registry
& share holders in any one year .

Rule 7.2
25% limit on discount to volume weighted average price at time of issue
The issue price of securities issued under listing rule 7.1A must be no lower than 75% of the volume weighted average price for
securities in the relevant quoted class calculated over the 15 trading days on which trades in that class were conducted
immediately before either:

(a) the date on which the securities are issued; or
(b) the date on which the price of the securities is agreed, provided that the issue is thereafter completed within 5 business days.

Setting the maximum discount by reference to a VWAP figure calculated over a period of 15 trading days should limit the potential
for securities to be issued under listing rule 7.1A at a discount to a short term low market price.
In recognition of the market practice that a listed entity and potential allottees of securities will come to an agreement about the issue
price of the securities a short time before the issue actually takes place, and that they must be able to tell whether the price that
they have agreed complies with the listing rule, the maximum discount can be calculated by reference to the VWAP over the 15 trading days on which trades in the equity securities were recorded before the agreement is reached.
In this case, the issue must be completed (that is, payment for the securities must be received, and the securities issued into the
electronic holdings of the allottees) within 5 business days after the agreement of the issue price.

Otherwise the calculation must be performed by reference to the 15 trading days on which trades were recorded before the issue date.

Extrac-A key requirement of the new listing rule is that companies must get 75% shareholder approval at an AGM
(not any general meeting) and must exclude any shareholders who are likely to benefit from any subsequent placement under the rule. This could make approval difficult given that any large institutional shareholders on the register (who would likely stand to benefit from the issue) would be excluded from voting.

https://www.corrs.com.au/thinking/insights/new-asx-placement-rules-for-small-to-mid-caps-will-they-work/
27 August 2012|By Simon Morris (Special Counsel)Special Counsel. Melbourne
+61 3 9672 3201

Any one in the know how a plus 100% placement can occur especially without prior 75% share holder approval ?
What section of the Asx listing rules sets out the guidelines for this to occur ?

salt