"For one thought the placement of 15% will be made AFTER the...

"For one thought the placement of 15% will be made AFTER the SPP.
Which means if they raise their $10m the number of shares on issue regarding the 15% will be more than the 45m you worked out."


Well, this was my initial thought, and I had 68m (from memory) in my calculations, but then I read the SPP letter again and notice they explicitly state "about 45m shares". So I went with that number.

I don't know about the legal requirements of doing these two things at once, but I do know that anything over 15% of issued capital requires a s/h vote. I'm guessing that the base must be the current number of shares (approx 300m), rather than the enlarged base after the SPP.