Ann: Share Placement to accelerate work program at Salta Li, page-4

From today's announcement:

"Placement Details
The Placement consists of the issue of up to 10,576,924 shares ordinary fully paid shares (Shares) at an issue price of $0.52 per Share, raising approximately $5.5 million, to be completed in one tranche under the Company’s Listing Rule 7.1 and 7.1A capacity. This excludes participation by Directors involving 86,539 Shares which will only be issued subject to shareholder approval at the upcoming 2022 AGM. Shares (with the exception of the Directors’ participation) are scheduled to be issued on or about 21 September 2022. The Placement price of $0.52 per Share represents a ~10% discount to the 10-day VWAP up to date. Power thanks existing shareholders who participated in the Placement for their continued support and welcomes new shareholders to the Company. GBA Capital acted as lead manager to the Placement and will be paid a 6% commission on funds raised, and, subject to shareholder approval, will receive 1,500,000 unlisted options exercisable at an exercise price of $1.04 per option on or before 31 December 2024. Authorised for release by the Board of Power Minerals Limited."

I still think PNN should've tapped us existing shareholders first. They would've known for some time that they needed more money to execute their strategy, so they would've had plenty of time to tee it up. Going external doesn't sit well with me when they could've come to us first (there is no evidence that they felt us larger holders out). Some of us have deep pockets too and prefer to limit dilution (unless it's to cornerstone investors which can bring value-add in synergistic ways like lithium industry players). Consistent with my views, in protest, I will be voting against the participation by Directors under this Placement for those 86,539 shares; and voting against GBA Capital receiving 1,500,000 unlisted options striking at $1.04 per option on or before 31 December 2024. Putting the Lead Manager's and Directors' self-interests above existing long term loyal shareholders is not something I am happy about. The Placement is done now so no use crying over spilt milk any longer. Hopefully those that are new to the register are tight holders like us and don't trash things; and hopefully PNN management has taken on board existing long term loyal shareholder views.