1 Nov 2007capital raising announcement● Neutral
Brek sold 937,500 shares at $0.16 each, for $150,000, to five people: directors Nazmack, Robinson, Pek and Malone, and Susan Jeffs, wife of CEO Richard Jeffs. The proceeds are for working capital, including expenses of completing the Gasco merger. This adds new shares and shows insiders funding the pending deal.
What it means for a shareholder
937,500 new shares at $0.160 to raise about $150,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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