Primero Group Limited (ASX: PGX), has released its pre-quotation disclosure and confirmed the allotment and issue of 625,000 Shares to Canaccord Genuity (Australia) Limited; 1,000,000 Options exercisable at $0.50 expiring on 4 July 2021, being the date that is three years from the date of issue, to the Underwriter, and 1,000,000 Options exercisable at $0.60 expiring on 4 July 2021, being the date that is three years from the date of issue, to the Underwriter.
All of 80,990,600 Shares (representing 100% of the Shares held by the Existing Shareholders on Completion) are subject to voluntary escrow of which: 40,495,300 Shares are subject to escrow until 24 months from the date on which the Company is admitted to the Official List and 40,495,300 Shares are subject to escrow until the Company’s audited financial accounts for the year ended 30 June 2019 are released to the market.
Half of the Shares are subject to voluntary escrow until the release of the Company’s audited financial accounts for FY19 (being 20,247,650 Shares) and are eligible for early release where each of the following has occurred: the Company releases the VWAP of Shares on ASX for any consecutive ten trading day period and to the market its reviewed financial accounts for HY19, ending on or after the date on which the Company releases to the market its reviewed financial accounts for HY19, is 30% or more above the Offer Price; and the board approves the release of those escrowed Shares.
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