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Sunday, November 03, 2019 6:54:59 AM
• On 19 July 2019, the Group completed Placement to sophisticated investors as announced on 10 July
2019 issuing a total of 35,000,000 fully paid ordinary shares at $0.01 (1 cents) raising $350,000 (before
costs).
• On 29 August 2019, the Group completed a Share Purchase Plan and a Placement to sophisticated
investors issuing 120,995,500 and 315,000,000 fully paid ordinary share respectively. Upon
completion of the two offers a total of $4,359,955 (before costs) was raised.
• Also on 29 August 2019, the Group issued 275,333,040 fully paid ordinary shares following early
conversion of 137,666,520 convertible notes. As such the convertible note liability has been
extinguished subsequent to year end.
These funds will provide the financial runway required to carry the Group through the 2019-2020 fiscal year
and to the ilumen product launch and corresponding sales. The Group also intends to seek additional funding
through non-dilutive government grants for which the Group is eligible, along with R&D tax incentives.
The Management Team is confident that the Group will be able to raise further equity from its shareholders
and sophisticated and professional investors, if required. Accordingly, the Management Team believes the
Group will be able to pay its debts as and when they fall due for a period of at least 12 months from the date
of these financial statements
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