Recently we told you that the Board of Directors has unanimously approved the appointment of Guy D Reynolds to take over as President and CEO of L.O.M.
We also pointed out that this was conditional on a successful capital raise due to close in April.
At this point we wanted to inform you how this is going ahead. #SEOsecrets
Where do we stand?
In the process of getting things to the market, we wanted to put the financing in place.
Following several shareholder enquiries about the proposed financing deal to secure the future of LOM I wanted to provide a brief update.
Let me state here:
We have agreed and are close to closing a deal that will raise USD 6.5m by issuing new shares. This means 2,166,667 new shares at a price of USD 3.00
We are aiming to close this deal in May and are in the process of finalising the legalities and documentation.
Why is this important?
This deal allows LOM to repay any existing loans and creditors that are due. As importantly, it provides sufficient working capital to allow us to launch our world class syringe.
I would like to thank you all for your tremendous support.
I will of course continue to come to shareholders if there are any issues for your consideration. The fact that we received
- over 75 per cent of LOM shareholders endorsing our latest resolution
shows how supportive and united the company is.
It is great that we are united behind the board which allows us to finally achieve our potential.
This is a great time for the business and I look forward to updating you further and meeting you all as soon as possible.
If you have any questions at all please do get in touch through your existing channels.
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