Well that didn't take long! Reset the 7.1 and 7.1a yesterday, raise today. I expected a raise just not right now. I hope the price doesn't give too much of a discount!
Under the listing rules the maximum discount is 25% to 15 day VWAP. 15 day VWAP is 44.9c - 25% (11.225) = 33.7c Maximum shares that can be issued = 15% (36.9m shares) under 7.1 and 10% (24.6m shares) under 7.1a Total 61.5m shares at ??cps Using the 33.7cps above at maximum discount gives us $20.7m assuming worse case scenario. I wouldn't like to see it much below 45c to be honest. At a premium would be better but the likelihood of that is remote.
Anyway, somebody will get a terms sheet no doubt. We could be in for some short term pain. No wonder the brokers were there yesterday and onsite last week!
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