they have 20 million up their sleeve if I'm not mistaken...hardly touched this facility...
On 17 December 2007 Antares Energy Limited (the Company) secured a A$20,000,000 facility with US-Based Investment Fund YA Global Investments, LP, doing business as Cornell Capital Partners L.P. (Cornell). Under the terms of the facility, the Company may, at its discretion, issue shares to Cornell at any time up until the expiry date of 16 December 2010, up to a total aggregate value of A$20,000,000. As at 30 June 2008 there has been $90,000 drawn against this facility. Generally, the Company could at its absolute discretion, from time to time, draw down up to A$500,000 in any 10-trading day period. Shares issued to Cornell would be priced at a 2% discount to the lowest daily volume weighted average price (VWAP) of the Company's shares traded on each of the 10 trading days which follow an advance notice by the Company. A commission of 3% of the relevant advance drawn from time to time will be payable by the Company to or at the direction of Cornell at the time of issue. Under the agreement any trading day where the Company?s share price (VWAP) is less than $0.2132 is excluded from the pricing period of a draw down and the draw down amount reduced accordingly. The Company?s shares are currently trading above $0.2132, hence the Company effectively can draw down on the facility.
AZZ Price at posting:
64.0¢ Sentiment: Buy Disclosure: Held