DIRECTORS COMMENTARY AND UPDATE TO APPENDIX 4C REPORT FOR THE QUARTER ENDED MARCH 31, 2011
Cash continued to be invested during the quarter on key activities behind the completion of the new MetaMizer 240 SSS prototype and on marketing support activities for the MetaMizer and new SunnyWipes professional range.
During the quarter, $421,390 was raised from the Dutchess Capital equity facility. A further $450,655 (net of costs) was raised from sophisticated investors.
At the end of March, $183,435 was outstanding in receivables.
Debt was also reduced by $224,301 during the quarter.
The Company has released a Notice of Extraordinary General Meeting to be held on May 4, 2011 to seek approval for recent share placements as detailed in the Notice of Meeting and Explanatory Memorandum.
With these approvals, the Company will be in a position to fund future working capital needs, as appropriate, up to a limit of 15% of its existing issued capital, without the prior approval of shareholders. This provides the necessary flexibility to complete its key commercialisation activities. As announced to the market yesterday, the Company has also entered into a convertible security agreement with a sophisticated US institutional investor for a non-interest bearing one-off secured loan of $250,000. These funds will be received this week.
A further $19,284,812 is also available to draw down when, and if needed, under the Dutchess facility.
MediVac Limited will now focus on completing the above commercialisation initiatives and executing new sales opportunities.
Paul McPherson
Executive Chairman
Download this document
