The placement to the HNWI is still subject to LOM refreshing its available Listing Rule 7.1 placement capacity at next weeks EGM. Based on where the SP looks like it is heading today this placement looks like an absolute steal - 18c per share plus one for one 20c options with 2 years expiry.
If this resolution was voted down to prevent the placement it may put the company in a difficult position in terms of cash flow. However it would prevent relatively significant dilution at a crazy cheap price. I would be willing to accept the placement at 18c but the options have got to be deleted for me to support an amended resolution ortherwise I will seriously consider amending my vote to no.
What are others thoughts on this?
EGM
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