For clarification:
In most of the supporting documentation with the SPP released so far, relates to the raising of $500,000 only
However on the front page of todays announcement, not clearly spelt out
The maximum number of New Shares able to be issued under the SPP is 30% of XTEK's capital being 8,841,728 shares.
(= $4.067m, excluding the $3m already placed)
"Able" being the defining description, or legally can do so.
Not for a moment suggesting they will raise more than the $500,000 but they certainly can if they wish.
I imagine the $500,000 would be oversubscribed in a jiffy, so they might add on another $1m or $2m, or have another announcement before the SPP closes regarding a contract and thus say they will raise the $4m.
Not sure, but thought worthy to comment, I will certainly be applying for another $15g worth, only need another 33 shareholders to do the same and the $500,000 will be oversubscribed , which is laughable when you think about it.
cheers
