Further to my post re the 16 resolutions
On face value resolution #16 looks like they want to raise up to 15m shares within 3 months.
The 3 months is actually a listing rule 7.3.2 last dot point link below.
They also so say the asx may waiver the 3 month period.
My take, is that this resolution gives them the flexibility to raise funds without having another shareholder meeting. The 3 month period is a listing rule they hope to extend. As it's 3 months after the AGM it effectively gives them 4 months. Within the next 4 months I'd expect some very big orders from Gibio + Freshero, major advances with the Supra cultivation so our share price will not be at current levels. Even if big news is delayed past 4 months (which I doubt - Gibio will certainly want to take advantage of the northern summer), they don't require the funds and can wait till the sp is much healthier to raise. They could use the asx waiver or just have another meeting EGM.
This is not like an exploratory mining company that just burns cash, any funds raised are for the purchase & building of assets which will reap great rewards. Once the cultivation facility is up & running and/or Freshero/Gibio place their orders, raising funds will be a thing of the past - expansion will be self funded. I hope they do raise within 3 months well north of the last raise at 38c. The quicker they build/fit out their cultivation facility, and I mean at least 10 rooms, the better for us.
https://www.asx.com.au/documents/rules/Chapter07.pdf
