The A$7.25 million (US$5.0 million) subscription will be structured in two tranches as follows: 9,300,000 ordinary shares will be placed at A$0.273 per share to raise approximately A$2.5 million on or around 15 June and 3,900,000 shares to be issued at A$0.273 per share to raise approximately A$ 1.125 million and such number of shares based on a 15 day VWAP to raise A$3.625 million, both on or about 30 June 2020.
So x shares at 15 day vwap for 3.625 million
PM8 Price at posting:
30.0¢ Sentiment: Buy Disclosure: Held