Hi All,
OK. I'd like to clarify what's going on.
Dave wanted to originally raise $10m at 16c - did the whip around and initially only got enough for $5m.
This second capital raising is for the other second $5m.
The GM notification is very clear that he is seeking approval from shareholders to issue a total of $10m/$0.16 = 62.5m shares. This is supported by the fact that:
1) he already has approval to issue 23.6m within the 15% rule, and
2) under resolution 13, he is seeking permission to issue an additional 38.9m at $0.16 (which incorporates 7.5m shares as the second trench of the first placement)
So in total, he's issuing 23.6m + 38.9m = 62.5m at $0.16 for the $10m.
And for further clarification, he would need a second General Meeting (or an addendum to the current notice) to alter the proposed 16c issue price for the second $5m.
Simples.
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