EXIM needed to be satisfied IBG have the funds to meet all costs for Phase 2 - this quick $4m raise does that - without it we couldn't proceed
Use of Funds
The proceeds of the Placement will be used for Phase 2 due diligence with US EXIM, whereby Ironbark is responsible for funding both its own and EXIMs costs, to fund the upcoming strategic equity process and for general working capital purpose
Ann: Suspension from Official Quotation, page-124
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