FFX has just released news regarding the allocations received under the SPP “all valid applications will be accepted.
On Friday, 88,560,017 new shares or $51.36 million in new shares will be allocated to the investors who participated in the SPP. The amount raised under the SPP is more than double the company’s $25 million initially outlined.
The additional shares allocated to the market will likely put some initial downward pressure on the share price.
Under the SPP, we made an application for $15,000 in new shares at $0.58. This means will be issued with 25,862 ($15,000 / $0.58) new shares. As these new shares will not be issued by the share registry until Friday, we will look to sell down our current position.
Depending on the share price on Friday, we may look to sell additional shares. But for now, we are happy to lock in profits on the existing share we have safe in the knowledge they will be replaced by new shares issued under the SPP.
TRADE ACTION
Sell 10,000 FFX shares on open for $0.65 or better.