If they want to raise 50m then at current prices they would need to issue 877,192,982 shares (50m / .057)
They have 1.85b shares on issue (or 1850,000,000). That's around 47.41% of shares on issue!
I think the ASX requires shareholder approval for more than 15% so no go this route. No CR by force...
Hence the dilemma.
Maybe they want to sell some give shares to someone in exchange for capital, then repay the loan and buy back the shares later? But who would want to do this?
SAS Price at posting:
5.7¢ Sentiment: None Disclosure: Not Held
