Can confirm the placement is to raise "a minimum of $1m" and at 2.3c. I suspect they will raise a bit more if there's sufficient interest but they won't want to raise too much at this low price to minimise further dilution ...
The funds will be used for working capital due to timingdifferences between receipt of cash from new sales ordersand the increase in costs as a result of producing andgenerating those new sales orders ...
Ann: Trading Halt, page-15
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