Reading the upcoming AGM, the company is now requesting a resolution to allow them to raise new equitybefore 27 April 2024.
"Pentanet wishes to retain as much flexibility as possible to issue additional Equity Securities into the future without having to obtain Shareholder approval for such issues under Listing Rule 7.1."
Reads like this company is just going to continuously raise capital forever into the future. the previous 8.3cents raise in 27 April 2023 used up all the capacity under ASX listing rules. so once this resolution gets passed 24 November 2023, then they can raise capital. that first week of December 2023 probably when the next raise happens. The capital markets close from december until End of January. By 31 January 2024, the December 2023 Quarterly will be out, showing the depleted cash balance, so the board would probably be pulling forward the capital raise to being before February 2024. the dilution from issuing new equity or Convertible Notes plus the free options is going to be brutal, going to cement its status forever as a penny-stock.
