ENP Newswire -
Release date- 10022014 -
The funding is required for the completion of the trial in the
The Agreement provides for the issue of the Note which has a lock-up period from today until one month after a final judgement is delivered in the Trial. During the lock-up period:
There is no interest payable or accrued on the funds of the Note;
The Note cannot be converted to shares and
The Company can elect to pay out the Note;
It is only after the expiration of the lock-up period of the Note that the holder can implement the conversion price mechanism which is a 10% discount to the average of the five consecutive daily Volume Weighted Average Price's (VWAP), chosen by the Note holder, during the previous month.
The Agreement also provides for an advance of
Axiom CEO Mr
Private Placement of shares
46,428,571 shares plus;
46,428,571 options -
Locked-up for the earlier of 120 days or 20 trading days after the issue of the final judgement in the Trial.
Issue of 7,956,153 shares by way of a commencement fee for the provision of the funding facility
Issue of 13,250,000 options -
The Agreement is conditional on Shareholder approval being obtained when required by ASX Listing Rule 7.1
Statements in this document that are forward-looking and involve numerous risks and uncertainties that could cause actual results to differ materially from expected results are based on the Company's current beliefs and assumptions regarding a large number of factors affecting its business.
There can be no assurance that (i) the Company has correctly measured or identified all of the factors affecting its business or their extent or likely impact; (ii) the publicly available information with respect to these factors on which the Company's analysis is based is complete or accurate; (iii) the Company's analysis is correct or (iv) the Company's strategy, which is based in part on this analysis, will be successful.
Unit 6, 76 Doggett Street Newstead
Tel: +61 7 3319 4100
Fax: +61 7 3252 7577
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