Wow look at this they offered their shareholders the chance to subscribe to new options an offer we didn’t get. Could of been done at 0.0001 couldn’t it just to show that the board stick to their word!
The Company is also pleased to advise that subject to shareholder approval, it proposes to offer all persons holding DDDO Options as at the date of their expiry,(17 December 2019) the opportunity to subscribe for new options on a 1 for 1 basis exercisable at $0.005 on or before 31 March 2022 for a nominal amount of $0.001 per New Option subscribed. The Company has decided to extend this offer to reflect the longer than expected period the Company has taken to acquire a replacement project. DDDO holders do not need to exercise their DDDO Options in order to participate in the offer. If the New Options are fully subscribed and exercised the Company may receive a cash inflow of up to $1,654,166.
The Directors of the Company have also agreed, subject to shareholder approval, as part of the broader funding strategy, to convert accrued Directors, Secretarial and administrative fees at $0.002 per share which represents the current 15-day VWAP. The proposed conversion is consistent with undertakings given to Brokers supporting the recent placement and will assist the company in maximizing its working capital to complete its acquisition of the Adelong Gold Project.
An Appendix 2A will be lodged at the appropriate time.
