The pre-condition on equity was US$11mill. After that pre-condition was set, the company completed an A$6mill cr which equates out to US$4mill.
So to satisfy the pre-condition, we now need a minimum of US$7mill.
I'm guessing if the SWF has decided to invest, it will be for at least that amount to speed things up for Minbos. Minbos did say they had another institutional investor interested as a back up or possibly co-investor. Hopefully they are not needed but might still be tapped, if needed to fund stage 2 expansion. That might depend on how much debt the bank provides.
Ann: Trading Halt, page-13
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