Transcript:
The company on Monday launched an entitlements issue to raise $4 million.
The entitlements issue based, on allowing the existing shareholders to subscribe for one new share for every three shares held, plus an attaching option for every two new shares subscribed for in the company.
The options, exercisable at 7 cents, have an 18 month life. The use of funds advance our Mount Edwards nickel and our lithium project, whilst also considering other opportunities in other commodities within the mining space.
Directors are supportive of the entitlements issue taking up their fuller allotment and indeed certain directors have taken up additional stock.
The company’s key management personnel and directors have also foregone salary to be able to preserve our funds.
The company has worked diligently over the last two and a half years creating value for shareholders and we want to preserve that value whilst looking at new opportunities to create value looking forward. That investment we do not want to see eroded in any way, shape, or form.
The company looks forward to a continuation of its journey, creating value for its shareholder base and we see this as a stepping stone to potential new opportunities being unlocked whilst preserving the value that has been created to date.
Thank you very much.
