Second terrific announcement of the day!
Both resolutions in relation to capacity to raise capital carried. The company now has an option to raise capital on market - up to 25% of existing shares which equals to 170mln shares
This provides leverage in negotiations with debt providers, i.e. give us debt or we go and raise on market.
The company requires about 9mln to fund stage 1.5 infrastructure and 6mln in working capital to ramp up production in first half CY 2024.
This will come from:
$5mln - from operating margin in Q1 CY2024
$3.5mln - from options currently held by major shareholder and exercisable by 31 Dec 2023
The rest - Debt
Worst case scenario for the rest - from equity raising
@LD99 It was nowhere near the first strike. Only 15% of the total issued capital was voted by proxy where the ratio was close to 75/25. The poll was 100% in favour. Presumably, majority shareholders were on standby to vote in favour if needed.