Oi Gordon!
Imo pretty much means this:
On the 21st of March, 2024, OncoSil revealed that it has garnered firm commitments from the Co-Lead Managers who have pledged $2 million to cover any shortfall from the company's Entitlement Offer. This commitment is notably from a select group of investors, described as "wholesale" or "sophisticated" under section 708 of the Corporations Act.
The term "sophisticated investors" is not just a label; it designates individuals or entities that possess significant market knowledge, financial acumen, and the experience to make informed decisions about complex investment opportunities. These investors are recognized by the law for their ability to undertake substantial investments, understanding the risks and opportunities involved without needing the protections normally afforded to general investors.
The assurance from such sophisticated investors in covering potential shortfalls signifies not just a financial commitment but a strong vote of confidence in OncoSil Medical's potential and its endeavors in the fight against pancreatic cancer.
Their involvement highlights the quality and potential return of the investment, backed by an informed understanding of both the company's strategic position and the wider market dynamics.
By deciding against the formal underwriting process initially considered, OncoSil demonstrates its reliance on the solid support from these sophisticated investors, streamlining the fundraising process. This strategic move not only simplifies the financial aspects of their campaign but also reinforces the strength and credibility of OncoSil's initiative among knowledgeable investors in the market.
PS: As soon as we see the Top 20 or Completed Registration print out, as they publish at the end of this CR, we might even find out who these peeps are with such confidence.
(20min delay)