RE: RMS29 Dec 2020 15:15
Use of Proceeds
Shortly following the acquisition of P2F the Company notified that it considered that it had sufficient finance for its current business plan. There have been a number of developments since that time. Regrettably, and as previously notified, the expected date of commencement of operation of P2F's new anti-viral mask production line has been delayed which has had an impact on the Company's expected working capital requirements. More positively, the Company believes that many P2F projects can be accelerated with additional resources. Similarly Gyrometric and Cloudveil's business plans can be accelerated with focused investment. The Board will evaluate and rank such opportunities and look to apply the placing proceeds to the most compelling projects.