Ann: Successful Placement, page-3

There are also some smoke and mirrors that go on with this placement. Outwardly it is a placement of 45M shares @ 2.5c per share. But there are 15M free oppies exercisable @ 0.5c.

It is a no-brainer that the oppies at 0.5c will be converted to shares before their expiry date of 31/12/25. This effectively makes the placement at the nominal price of 2c. (61,066,665 shares, when oppies exercised, for a total payment of $1,221,333.33 = 2c)

The AGM on 20/11/23 passed a resolution permitting, "Approval of 10% additional placement capacity". The price for such had to be set in accordance with the explanatory memorandum (extract below)

The equity securities will be issued for cash consideration at an issue price of not less than 75% of the
VWAP for the Company's equity securities in the same class calculated over the 15 trading days on which
trades in that class were recorded immediately before

My calculation of the VWAP from 15-30 June 2024 is 2.9c

With an adjusted nominal share price of 2c (after taking oppies into account) this appears a crafted way to circumvent the system. Effectively, this is a discount of 31% on the VWAP. As a Mum and Dad investor, I tire of the milking at the top on ASX Boards. IMO, ASIC should ask questions!