I'm pretty sure there is an ownership limit where its not up to the purchaser to agree, but the other shareholders. I thought this was 20%.
But lets say Hopper was able to get L1 to exceed the 4.99% placement limit and subscribe for (say) 10% and was even successful at getting them to subscribe at 9.5cps, this would still only raise about $5m. Just one more quarter of cashburn. He'd also need to be confident that those shares weren't going to be dumped on the market (due to the impact this would have on the sp for the next raise). There would be no ambiguity about who was selling, as once L1 owns more than 5% of the company, they need to report changes of ownership of 1% as a substantial holder.
Surely he'd want to raise enough for 12-24 months? Apart from progressing clinical trials, its not healthy for staff to be concerned about job security.
CHM Price at posting:
6.4¢ Sentiment: Sell Disclosure: Not Held
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