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16/03/18
16:33
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Originally posted by Aussie Eagle
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Slight correction to many posting on the CR ...
They have a commitment only for $1M by sophs.
To raise the other $1M - that depends on the takeup of the offer, plus the ensuing shortfall.
Folk here seem to think they already have the whole $2M in the bag, or are without doubt the complete offer will be subscribed to. We'll have to wait and see.
They got $356k only 4 weeks ago as an 80% advance on R&D rebate which has restricted uses.
One of those uses is for working capital with the 2nd being for the usual R&D expenditure - both also have to be monitored by a tax consultant.
Back to this CR..
More for working capital, and the rest for Sales & Marketing activities (wining and dining etc..as well as flights and hotels)
Oh, hang on a second, didn't they raise $1.06M in November..!! For the same purposes which don't appear to have yielded any benefits - except for an MOU which is limited to Addcom's domain of Australia and New Zealand.
Also 'annualised' revenue of $35,000 from JMP Securities in the US as well as World Phone with Visa which is again limited to Aus/NZ - same deal as the failed RAC one.
Soooo..... IF the current CR is 100% successful, that will be over $3,400,000 raised by mid-April.
It's not as if they're a mining/exploration outfit ..
Being flagrant with expenditure in this manner is banging nails into the coffin.
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Yes some things dont change
However i think funds are secure as the other million is underwritten so nor get full amount
Isn't that how it works.
If my memory serves me correctly the raise before the previous one fell short and wasn't underwritten and that looked bad
At least this one appears sorted so perhaps some good news is on its way
Sorry to see you cm but that's only if shareprice runs
If it fails as seems to be common opinion on this thread then it won't be sad to see you go because at least you go with some funds
It would be funny if it wasn't so sad