Its also possible last week selloff was due to the partial allocation of 5,000,000 shares to NCX at 4.5c share which was settlement/placement around 15th March so NCX may have been gradually selling off the first tranch of 5 mill to raise their "own" cash ????? so the selling is probably over now and we may slowly start to head back up !
Heres part of the announcement .....
Under the Agreement, NCX will assist the Company to develop a software architecture and business analysis scope for the Payment Gateway via a blockchain methodology, after which time the parties intend to collaborate on a jointly funded project to develop the Payment Gateway. “With regulators around the world actively and rapidly considering and adopting new rules, laws and governance for companies and service providers involved in all aspects of the blockchain and digital asset marketplaces and offerings,
Ookami is seeking to position itself as a leader in paving the way towards regulatory acceptance and endorsement of its robust KYC, AML and disclosure practices, through its proprietary technology platform Akela and its partnerships and investments in Brontech and NCX,” Mr Ismail added. Consideration The Company will pay NCX A$100,000 cash and issue 5,000,000 shares within 7 days of the Agreement.
Subject to the completion of the Payment Gateway software architecture and business analysis scope within 3 months, the Company will issue NCX a further 5,000,000 shares.
Investment in NCX To strengthen the strategic relationship between the parties and to further align their interests, the Company has subscribed for US$200,000 worth of participating shares in NCX under NCX’s “Seed B” capital raising. In addition, NCX has agreed to provide the Company with a 30 day option (the exercise of which is subject to any necessary regulatory or shareholder approvals) to subscribe for an additional US$1,000,000 worth of participating shares in NCX under NCX’s “Series A” capital raising.
Capital Raising
The Company is pleased to advise that it has received firm commitments from unrelated sophisticated and professional investors to raise $500,000 (before costs) through the issue of 11,111,111 fully paid ordinary shares (Shares) at an issue price of $0.045 per Share (Placement).
The Placement will be conducted without shareholder approval under the Company’s existing 15% placement capacity under ASX Listing Rule 7.1. Funds raised from the Placement will be used towards payment of development costs and investment into NCX’s Seed B capital raising, as described above, and for general working capital purposes. The Company has engaged Otsana Capital as lead manager for the Placement. Settlement of the Placement is currently scheduled to take place on or around 15 March 2018.
