The maximum placement the company can do with shareholder approval is 25% ( 15% + 10%). So they can only place 278m (1.152bn*.25) shares which at 1c would only raise $2.78m.
They need a SP of 2.6c to raise the $7.5m and they have a maximum of 3 months to do it ( 30 August 2017 is deadline).
Or they can without approval place 15% or seek approval via another meeting to get the extra 10%.
The C Note is really stuffing things up for the placement.
May humble advice for the board is to slash your salaries by 80% now and use those funds circa $700k (saving over six months) to buy back the outstanding notes NOW to remove the seller IMMEDIATELY and stabilise the SP.
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Last
6.8¢ |
Change
0.000(0.00%) |
Mkt cap ! $1.835M | |||
| Open | High | Low | Value | Volume |
| 0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 70000 | 6.8¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 7.0¢ | 9575 | 2 |
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| Last trade - 09.59am 08/08/2025 (20 minute delay) ? |
| OAK (ASX) Chart |
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