Extensive Open Agriculture Restricted ACN 604 913 822 (WOAor the Firm) refers to ASX’s question letter dated 27 Might 2024 and offers responses to the particular queries set out in that letter.
Capitalised phrases used on this letter have the identical that means given in ASX’s question letter except in any other case outlined.
Background
Previous to addressing ASX’s queries we wish to spotlight WOA’s goals and areas of focus following the divestment of the “Soiled Clear Meals” enterprise as permitted on 22 April 2024 by Shareholders. We offer a abstract beneath which can assist give context to our response:
A. Monetary situation
The Firm’s present monetary scenario is that as introduced on 30 Might 2024, it has efficiently acquired agency commitments for a complete of $6.11 million from Subtle and Institutional traders beneath Tranche 2 Placement, thus bringing the entire quantity raised beneath the Placement to $7 million. The Tranche 2 Placement is topic to shareholder approval, because the Firm has utilised its placement capability with the Tranche 1 placement.
B. Firm’s Targets
As beforehand famous, the quarterly report was lodged on 30 April 2024 (April QR), on account of an administrative oversight referred to the NAB Facility which was cancelled in mid-March 2024. Nonetheless, the entire money obtainable to the Firm was appropriately reported within the April QR. Extra importantly, one week previous to the lodgement of the April QR i.e. on 22 April 2024, WOA Shareholders voted on the divestment of the “Soiled Clear Meals (DCF) Enterprise” and a Discover of Assembly was reviewed by ASX and lodged on 21 March 2024 (March Discover), which reiterated the Firm’s strategic goals and monetary scenario.
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