IPO - NGX Limited - 17 May 2023 11:00 AM AEST ##, page-8

Thanks and best of Irish luck to you lad!
What they do with the money is all laid out in the prospectus.
Hope the link works.
Would take a bet that they are having difficulty raising the funds now that we have still heard nothing.



https://static1.squarespace.com/static/63618187c1e25133b95006a4/t/64365db7942cab005849c34d/1681284567972/230412+-+Prospectus+-+NGX+Limited+-+Apr+2023.PDF



2.5 Use of Proceeds
The Company intends to utilise the proceeds from the Offers towards:
(a) funding initial exploration and development activities at the Graphite Projects, with an initial focus on
confirming and expanding on previous Exploration Results;
(b) commencing of a definitive feasibility study at the Malingunde Project (subject to the award and
transfer of the mining licence to NGX);
(c) reviewing other business opportunities including continuing downstream technology studies to
produce purified spherical graphite for LiOH batteries and the EV market, and downstream
processing options;
(d) paying administration and corporate costs;
(e) paying the costs of the Offers; and
(f) general working capital.
The following table details the expected use of funds in the two-year period following the Listing Date:
Item A$
Raised
% of
Funds
Funds raised from the Offers 9,561,184 100.0
Allocation of Funds
Exploration expenditure on granted tenements1,2 4,697,250 49.1
Expenditure on other projects3 1,070,000 11.2
Business development activities4 550,500 5.7
General and administration costs for two years5 1,277,085 13.4
Working capital facility for operating expenses6 483,873 5.1
Cash Reserves and Working Capital7 1,034,199 10.8
Expenses of the Offers8 448,277 4.7
Total Funds Allocated 9,561,184 100.0