Please correct me if I'm wrong, but of the $4m raised through the partially underwritten SPP, $750k ($250k in shares) was earmarked specifically for a payment by the company to move to 90% ownership with Grafex. But, as of two days ago this payment had not yet been made.
I am presuming that Grafex may have requested that the payment change from cash and shares be changed to all cash ("discussions...concerning timing and structure"), but theoretically the company should still have this allocated money in the bank. Or am I reading this wrong?
Restructuring of the company via asset sales may also be difficult because of Grafex's 20% interest in the licences, and what the terms of the original deal struck allow with transfer of individual assets to new owners (I.e NH to YX or Ancuabe to AMG), thus may be a reason administrators have been called in to help
TON Price at posting:
6.1¢ Sentiment: Sell Disclosure: Not Held
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