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MACH7 TECHNOLOGIES LIMITED — Capital/Financing Update 2011
Jan 23, 2011
65285_rns_2011-01-23_c1e5e7db-21d7-4a94-ab42-fafc63087139.pdf
Capital/Financing Update
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The Company provides the following update in relation to the use of funds raised under the prospectus dated 25 November 2010. The raising closed on 17 January 2011 having reached the maximum subscription amount of $2,200,000.
The Company intends to apply the funds raised from the Offer as follows:
Maximum Subscription
| Use of Funds – Expenditure Budget | Year 1 | Year 2 | Total |
|---|---|---|---|
| Review and evaluate the existing business oftheSecureTouchsyringeandassociatedtechnologies,includingBusinessPlandevelopment | $150,000 | - | $150,000 |
| RecommencecommercialisationoftheSecureTouchsyringeandassociatedtechnologies and maintenance of IP rights | $250,000 | $550,000 | $800,000 |
| Identification and consideration of otherbusiness opportunities | $200,000 | $100,000 | $300,000 |
| Expenses associated with the Offer andRecapitalisation Proposal | $505,000 | - | $505,000 |
| General working capital | $150,000 | $295,000 | $445,000 |
| Total Funds Utilised | $1,255,000 | $945,000 | $2,200,000 |
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Safety Medical Products Limited Level 24, St Martin’s Tower 44 St George’s Terrace Perth Western Australia, 6000 ACN 007 817 192 Phone: (08) 6211 5099 Fax: (08) 9218 8875 Website: www.safemed.com.au ASX Code: SFP SafetyMed® is a registered trademark of Safety Medical Products Ltd