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Ann: Quarterly Cashflow Report, page-30

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makattack

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31/01/17

17:00

Post #: 22259414
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Originally posted by SeatBackForward ↑

From the Rights issue prospectus:

"The funds raised through the Offer will be applied to meet budgeted and anticipated exploration expenditure associated with the Company’s current projects, together with the working capital requirements and continuing to evaluate potential acquisitions of prospective exploration assets which are in line with the Company’s direction and present value."

"1.14 Application of Funds Raised The purpose of the Offer is to raise funds raised through the Offer will be applied to meet budgeted and anticipated exploration expenditure associated with the Company’s current projects, together with the Company’s ongoing working capital requirements together with providing the Company with funds to allow the Board to continue to evaluate potential acquisitions of prospective exploration assets which are in line with the Company’s direction and objectives. "

2.1 Purpose of the offer

The proceeds of the Offer are planned to be used in accordance with the table set out below*:
Proposed Use of Funds Amount
Halls Creek Project’s exploration expenditure 2016/17 (budgeted) and 2017/18 (anticipated) and associated holding costs Approximately $400,000
Cosmo Newberry’s exploration expenditure 2016/17 (planned) and associated holding costs Approximately $150,000
Ongoing working capital, contingencies and unplanned exploration and operating expenditure $425,955
Costs of the Offer (excluding Underwriting Fee) $80,000 Underwriting Fee $53,241
TOTAL $1,109,196

* The Board reserves the right to alter this budget as a result of a change in circumstances or intervening events. The above is a statement of current intentions as of the date of this Prospectus. As with any budget, intervening events and new circumstances have the potential to affect the manner in which the funds are ultimately applied. The Board may determine to alter the way funds are applied as it considers necessary and appropriate having regard to the circumstances at the time."

THEN FURTHER ALONG IN SECTION 8.4(c):

"Pursuant to the sub-underwriting arrangement, the Directors will be the priority Subunderwriters. In the event of a Shortfall and subject to the availability of the Shortfall Securities, the Directors will be placed with the available Shortfall Securities prior to placement of Shortfall Securities to the Underwriter or its nominee(s) or any other Subunderwriters appointed by the Underwriter in aggregate to the total value of their accrued and outstanding directors fees (excluding GST) due and owing as at 31 October 2016 (“Committed Amount”). The total outstanding amounts due to the Directors is set out below in Section 8.7"

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That's fair enough then. Gotta always read the finer details. It's one hell of a tax bill though to pay it all in the one hit in one financial year.

DDD Price at posting: 0.6¢ Sentiment: None Disclosure: Held
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Ann: Quarterly Cashflow Report, page-30

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