18 August 2011
PRIVATE PLACEMENT
In order to support ongoing operations ECT accepted an offer from Menzies Securities Pty Ltd to place approximately 43.8 million fully paid ordinary shares (ESI) at $0.006 per share to raise $262,500 from sophisticated investors. With each 2 new shares subscribed for, the investors received one new listed option (ESIO) being a total of approximately 21.9 million new options.
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They did that with very solid confidence imo. Same terms as r/issue, but 5 weeks more nail biting (doubt it) than s/holders.
Hope Tincom are as accomodating/generous. I guess the best outcome would be similar terms of the original deal without the exclusivity clause.
test burn - , page-32
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