If the need is only for $1M wouldn't it have been far simpler to have offered a major shareholder 4.4M new shares at 23c instead of the headaches and cost of arranging this SPP where all applicants will be heavily scaled-back? I imagine our major Chinese shareholder would have happily taken another 4.4M shares at that price.
MTC Price at posting:
25.5¢ Sentiment: None Disclosure: Held
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