RE: Advances on all fronts30 Jun 2024 15:12
Worth noting from the below that LOGP only need raise £125k to last 6 months or £250k to last 12 months for the 'going concern' basis if needed, not sure if that is needed whilst it is non operational. The upside from successful litigation claim could be 100x the current MCap they advised. The upside from reinstatement of the lease could be substantial. A reverse takeover could also lead to a significant uplift in the Market Cap. So no worries here, wouldn't sell out even if I could.
"The implementation of various cost cutting measures since the start of 2024 has reduced the corporate overhead cost from c.£400,000 per annum to c. £.250,000 per annum."
"The Company last raised funds in late 2023 and in its announcement of 7 December 2023 noted that these funds were expected to meet the Company's working capital requirements through to the end of June 2024, accordingly additional funds will be required for the second half of 2024 and in order to progress the RTO opportunities noted above. Plans for a fund -raise are well advanced and a further announcement will be made in due course.
LC Loan Agreement Extension"
"In parallel with this, LC Capital Master Fund has confirmed its consent to a further 6 month extension of their loan, previously falling due on 30 June 2024 (the "Extension"). The loan is being extended in accordance with its existing terms, through to 31 December 2024."