Latest Announcement - I for one will be voting against more shareas and a dilution of my investment. $270k for 18 months - What have you done for $180K salary. JOKE..I am a supporter of the products but management have a lot to answer for.....I am still a holder but more shares makes me angry
Australian healthcare company Stirling Products Limited (ASX: STI) advises that the Company has completed the placement announced late November 2009 and has accepted an additional $500,000 for a total $2,000,000. The placement was completed with sophisticated investors in accordance with last Novembers Shareholder approval of Resolution to place up to 300 million shares for working capital. A total 166,666,750 have been issued at $0.012 per share together with 83,333,375 attaching options exercisable at $0.008 at anytime prior to 31 December 2015. This Placement advice also replaces that of 26 November 2009 in which the exercise price and exercise date of the options were inadvertently incorrect. As previously indicated, the Companys capital needs as it proceeds with its product launches will be fairly intense. Although this completed placement, together with the Companys unencumbered future Sydney office acquisition places the Company on a rapidly consolidating and sound financial footing, a full review of the Companys aggressive commercialisation plans is being undertaken by Neil Covey, the Companys Sales and Marketing Director. The Company also advises that it will issue a total 35.8 million shares at $0.015 per share in consideration of full or part fees to five consultants. 18 million of these shares are being issued to Bob Pritchards interests who have elected to take his fees of $270,000 for 18 months of services to be provided to the Company in shares. 50% of all these shares to be issued will be subject to a nine month escrow period. Further, the Company advises that it has agreed to grant 15 of the Companys executives, consultants and employees a total of 31.4 million Performance Rights which upon satisfaction of performance milestones will result in the issue of 31.4 million shares at no cost. The issue of these rights is subject to Shareholder approval which will be sought at the Companys next meeting of shareholders and further subject, in each individual case, to their respective continued appointment with the Company and to satisfactory assessment by the Companys Remuneration Committee as at 31 January 2011. Subject to all such required approvals and satisfactory assessment, the Rights would then be issued and be exercisable in early February 2011. The Company is of the view that these Performance Rights will provide for some compensation in many cases for the long hours that are being contributed by all as well as to provide individual performance incentive.
STI Price at posting:
1.4¢ Sentiment: None Disclosure: Held
