RE: Mosman funds19 Oct 2020 17:48
Hoping for Falcon 1 to be really good, just a reminder on the below shares to be issued to directors and also warrants. We need to be careful how much we dilute the shares maybe paying the directors could be a better option then giving shares.
This was already bought up previously by another share holder.
In February 2020, at the time of a capital raising ("February Placing"), Mr. Andy Carroll and Mr. John W. Barr agreed to receive shares in lieu of cash for Director fees for the year ended 30 June 2020 and some consulting services. Mr. John Young has also subsequently agreed to the same terms for his Director Fees. If approved by shareholders, 41,666,666 shares to the value of AU$150,000 (the "February Director Fee Share Issue") would be issued on the same terms of the February Placing being a price of 0.15p with an attached 1 warrant per share. Each warrant conveying the right to subscribe for a further new ordinary share at an exercise price of 0.23p with a term of 12 months (expiring on 14 February 2021). If not approved $150,000 is payable in cash by Mosman.
Subsequently, as advised on 24 March 2020 the Executive Directors (being John W. Barr and Andy Carroll) offered to reduce the cash component of their long standing and contracted consulting services costs by 50% and to receive shares in lieu of cash for the balance of the fees for a certain period. Subject to shareholder approval, 52,368,750 shares ("July Director Fee Shares") would be issued in lieu of AU$75,000 consulting fees, based on the same terms as the July 2020 placing being the most recent fundraising ("July Director Fee Share Issue") at a price of 0.08p with an attached 1 warrant per share. Each warrant conveying the right to subscribe for a further new ordinary share at an exercise price of 0.15p with a term of 12 months (expiring on 2 July 2021). If it is not approved the $75,000 is payable in cash by Mosman.