Well, one day later and we have our answer Doc!
$1,2m insufficient for top class acquisition so always needed to raise more. The rising SP seems to have forced their hand to complete placement earlier than they might have intended in order to protect MW/cicero inner circle's cheap entry.
Today's announcement of placement will result in >$2,7 cash. The richest of all MW shells?
And also the most tightly held - Cicero will control 82% of the total float.
Hopefully for current investors Cicero investors will continue to be tight holders - in for the multi-bag profit and a strong acquisition. Certainly none of the previous placement shares appear to have come on to market in the last six weeks following the share issue.
Becoming a Matthew Walker Shell, page-71
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