The placement shares represent 17.36% of the group’s issued share capital and about 14.79% of the enlarged share capital after the placement.
Following this placement, the group will have in issue about 1.15 billion shares.
After deducting the placement expenses of about $50,000, net proceeds will come up to about $6.75 million, which the group intends to use 60% to repay part of the outstanding sums due to Soleado Holdings, while 40% will go to general working capital purposes.
