if you look on 16th may you will see company ann that answers...

if you look on 16th may you will see company ann that answers your question. I'm a little surprised this has escaped you as a holder . also confused on why the down look of your post when today it was up 13% on negative market day .

asx has courses on trading worth a look for beginner it will lead you to company ann how to understand the release etc .
in the mean time that's the ann there but you should go look at official ann to double check as i said asx has courses on this .
good luck

dyor




CFOAM Limited is pleased to announce it has received binding commitments to raise $4.14
million (before costs) through a two-tranche placement of 258,768,127 new shares at an issue
price of $0.016 per share

The Placement price of $0.016 represents a 15.78%
discount to the last closing price on 7 May 2021 of $0.019 and a 22.03% discount to the 15-day
VWAP of $0.0205. Tranche 1 of the Placement will consist of 118,768,127 shares issued under
the Company’s existing Listing Rule 7.1 and 7.1A capacity (Tranche 1) with the remaining
140,000,000 shares to be issued subject to shareholder approval at a General Meeting to be
convened as soon as practicable (Tranche 2). The Placement shares rank equally with the
Company's existing fully paid ordinary shares.
The net proceeds of the Placement will be utilised towards the CFOAM business, investment
in Innovaero Technologies Pty Ltd (Innovaero) and for general working capital.
CFOAM owns a 10.24% in Innovaero and has an anti-dilution right for a period to December
2021. Innovaero is currently raising up to A$6m via a convertible note and CFOAM intends to
commit up to A$1,975,000 as part of this capital raising strategy. This investment will maintain
and increase CFOAM’s interest in Innovaero when converted to equity. Innovaero is reviewing
its options and may be considering an ASX listing later in 2021 and the conversion is subject
to 30% discount to an IPO valuation. CFOAM’s current interest will increase from 10.24% to
up to 17%, subject to the valuation conversion. CFOAM has no Board or management role in
Innovaero and is an investor.