Pump & Dump

22nd Sept 20

Frugl Group announced that it has received firm commitments to raise $1,485,000 through a two-tranche placement to unrelated sophisticated and professional investors, pursuant to section 708 of the Corporations Act 2001 (Cth). The Company updated that it would issue a total of 49,500,000 FPO shares in the Company at $0.03 per share (Placement). As reported, proceeds from the Placement will be used for the marketing, research and development, and business development of the Company, the Company's grocery comparison and wellness mobile application. The Company further updated that Mr Mathew Walker, its director, intends to seek Shareholder approval at the AGM for the issue to him of up to 10,000,000 Shares on the same terms as the Placement, to raise a further up to $300,000.

9th Feb 21

The share price hit .091c since then collapsed. How many traded around that time -you guessed it, a similar number to the above. Good money for the sophisticated investors.

10th March 21

Metcash announcement - a minor pump and it's been going down ever since.

IMO The broker get their fee, the sophisticates make their money and the company gets cash.

Will a similar occurrence happen within the next few months with this recent placement - will be interesting to watch.

Look term investors - cannon fodder

IMO