Ann: Gulf Capital Raising Update, page-157

It's not my intention to 'muddy the water' here - I am only skimming information right now as it's work hours and I'm supposed to be doing more important things.

From what I can see, there's 1.8 billion shares on issue (I'm taking this from tt2000's spreadsheet: https://hotcopper.com.au/threads/an...g-agreement.3239243/page-296?post_id=22964027), so 25% of this would be 450 million new shares.

To raise A$10 million, it would need to be at a placement price of 2.2-2.3c. I assume company's get around this by attaching options (e.g. 2c placement w/ 1:2 options @ 3c is effectively 7c/3 shares = 2.33c per share), but if the money is urgent; there's no guarantee these options will be exercised in the necessary timeframe.

But it's sounding as though the additional 10% allotment that shareholders voted for a year ago has expired, so they can only issue 270 million new shares without a new vote?