This from the March 11th announcement. So back the front - funny that the stock was sold down to the issue price decided in a March...? Now the options are only ‘just in the money’... Will they be converted.? Were the other 23 million? Not a big effect either way...?
The issue of shares to GEM pursuant to a draw down notice will be conditional upon obtaining any requisite shareholder approval (if there is insufficient placement capacity under the Listing Rules when FYI issues a draw down notice). The Company has not yet agreed to issue any such shares to GEM. The Company has given to GEM warranties, representations and indemnities that are customary for agreements of this type.
The Company will pay a fee of 2% of the Equity Commitment within 18 months (exclusive of GST) to GEM in connection with the facility. The Company may choose to pay part or all of such fee in shares calculated at 95% of the value weighted average price of FYI shares during the 15 consecutive trading days prior to payment. In addition, FYI will issue to GEM or its nominee 46.7 million options with an exercise price of 15 cents each expiring 5 March 2024. 23 million of the options will be issued immediately under FYI’s ASX Listing Rule 7.1 placement capacity with the balance to be issued following shareholder approval which will be sought at a General Meeting.
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