The company has decided to reduce the offer price to align with recent market conditions and in order to provide eligible shareholders with the ability to participate in the Company’s capital raising activities.
The terms of the SPP have been formally modified as follows:
- a) The offer price per fully paid ordinary share under the SPP has been reduced from 11 cents, to the higher of:
- 8 cents; and
- 80% of the volume weighted average market price (VWAP) for shares calculated over the 5 days on which sales in shares are recorded prior to the day on which shares under the SPP are issued.
- b) the closing date of the SPP has been further extended from March 17 2020 to March 24 2020.
Under the modified terms of the SPP, existing eligible shareholders may continue to apply for between $1,000 and $30,000 worth of shares without incurring any brokerage or transaction costs.
Eligible Shareholders who have previously applied under the SPP will be issued shares at the revised SPP price.