email from ELMPala have an investor rights agreement, signed...

email from ELM

Pala have an investor rights agreement, signed when we listed on TSX, which allows them to ensure they hold their percentage in the company whenever we need to raise capital; so they had a shareholding of 12.83% prior to the November raise, and subscribed for share equal to 12.83% of the raise, plus a few more, given the SPP was aimed at A$5m, so they subscribed for 12.83% of the equivalent of A$5m. Given that we had take-up of 3.5m out of the 5m, Pala in effect increased their holding slightly to 13%, but do not need to make an announcement on that, as the 1% increase barrier was not reached. IDG