Insiders _BOD better start buying22 Jul 2024 07:07
To secure the vote
Corporate Update
Post receiving the US$0.25 million Initial Advance from the issue of Additional Notes, the Company's current cash balance is c. US$0.4 million. This provides the Company with sufficient working capital for its ongoing operational and corporate requirements at least until the Cancellation on 16 August 2024. Assuming the Resolutions are approved, further drawdowns on the US$5 million facility are expected to be made available to the Company shortly following Cancellation.
Further to the Company's announcement on 16 July 2024, Cancellation is to be proposed, alongside several other resolutions related to the Recapitalisation, at the General Meeting to be held on the 8 August 2024 and will take effect, if approved, from 7.00am on 16 August 2024. As per the Circular to shareholders dated 16 July 2024, the Directors are unanimously recommending that Shareholders vote in favour of the resolutions being proposed at the General Meeting. Should the Resolutions not be approved at the General Meeting then, based on the liabilities of the Company, the Company will be forced into immediate insolvency proceedings, in which case Shareholders will most likely realise zero value from their investment into the Company. Shareholders should note that the insolvency proceedings would also trigger an immediate suspension from trading of the Company's Shares.