RE: sp7 Nov 2022 09:54
Platina should still have 50% of their shares escrowed.
Pursuant to the acquisition agreements with Artemis Resources and Platina Resources, the Company has issued and allotted 138,703,396 Ordinary Shares of no par value ("Shares") to Platina Resources Limited at a deemed issue price 0.7935 pence per share, being equal to the VWAP of the Company's Common Shares in the 15 trading days before 23 November 2021 and 358,617,818 Shares to Artemis Resources Limited at a deemed price of 0.699 pence per share, being equal to the VWAP of the Company's Common Shares in the 15 trading days before 21 December 2021 (Consideration Shares) and will pay a total of A$500,000 to the vendors. The shares will be subject to escrow over a period of between 3 to 12 months, as follows: ~25% of the Consideration Shares being subject to 3 months lock-in, ~25% subject to 6 months lock-in, and the balance (~50%) subject to 12 months lock-in. Following Admission, the Consideration Shares will represent, in aggregate, approximately 10.47% of the Company's enlarged issued share capital with Platina Resources Ltd holding 2.92% and Artemis Resources Limited 7.55% respectively of the Company's enlarged issue share capital.