There was some debate over whether expectations were too high prior to the Full Year results announcement. Rather than argue about it post announcement, I thought it would be a good idea to get some expectations for the upcoming capital raising. Really just looking for three things here:
price amount ($amount and number of shares) composition (ie. who? placement, SPP, cornerstone investor etc.)
Here is my rough guess to kick it off:
price: $0.10 amount: $6m - $10m (60 -100m shares) composition: $3 million placement to a sophisticated investor and a SPP for existing shareholders to buy up to $10,000 of POH stock
Admittedly, a lot of guess work involved here, especially with respect to the composition, but that is all I'm after here anyway, just rough expectations.
For reference, below is the relevant text about the capital raising from the Full Year results release:
The Phosphagenics board is reviewing various funding options which are in advanced stages of negotiation and will finalise the review by mid March. The capital raising will be primarily directed to the launch of the anti cellulite product in April, the completion of a commercial oxycodone patch and the commencement of a phase 2 study in the third quarter.
POH Price at posting:
11.5¢ Sentiment: None Disclosure: Not Held
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