They knew they needed more money, unfortunately they were hoping...

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Amorga

587 Posts.

251

01/08/23

14:25

Post #: 69101202
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Originally posted by mondrian: ↑

Ummmm no the $10m was a last minute raise so that mns could have enough money (ie 2 quarters) just to keep the lights on.

They are so incompetent they did not work out they needed more money from the mums and dads just to keep the lights on.
Hence the rushed CR.

If Item 8.7 is less than 2 quarters, please provide answers to the following questions:
1. Does the entity expect that it will continue to have the current level of net operating
cash flows for the time being and, if not, why not?
Answer: NO This was an abnormal quarter with some one-off payments which are unlikely
to be repeated in the foreseeable future
2. Has the entity taken any steps, or does it propose to take any steps, to raise further
cash to fund its operations and, if so, what are those steps and how likely does it
believe that they will be successful?
Answer: YES, as announced on 17 July 2023 the Company has received firm commitments
raising $10 Million via the placement of 83,333,334 shares at $0.12 per share,
which will be issued within the capacity under Listing Rule 7.1. The placement was
made to local and overseas institutional fund managers along with professional and
sophisticated investors. This capital raise completed on 21 July 2023.
3

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They knew they needed more money, unfortunately they were hoping to get it from the $0.50 options that expired in April or whenever it was. Had those options been converted, then there would have been no Regal/L1 Capital Finance and then no additional $10m capital raise.

Well....there may have been, but the terms would have been much more favourable.

MNS Price at posting: 10.8¢ Sentiment: None Disclosure: Held
3 Upvote

1 Great analysis

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