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MYECO GROUP LTD — Capital/Financing Update 2010
Nov 21, 2010
65304_rns_2010-11-21_1f84c27f-b871-4189-a907-1a973d693ee7.pdf
Capital/Financing Update
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TO: COMPANY ANNOUNCEMENTS OFFICE ASX LIMITED
DATE: 22 NOVEMBER 2010
UPDATE ON FUND RAISINGS
Rights Issue
As previously announced the Directors of Cardia Bioplastics Limited advise that they have raised a total of approximately $ 2.17million (144,453,122 ordinary shares at 1.5cents each) in the recent rights issue to shareholders and to other eligible investors.
The remaining Shortfall of approximately $1.54million was not placed within the time limit of 2 months to 20 November 2010 and therefore the Shortfall period has expired.
Potential Investor
As announced on 15 October 2010 the Company was in negotiation with a potential investor for the Shortfall however, as the Shortfall period has expired these negotiations with an Asian Investment Fund are continuing but on new terms and conditions.
The potential investor is currently performing its due diligence process on the Company.
If the parties agree on the new terms and conditions and enter into a formal Agreement, the market will be advised accordingly.
Sale of Bioglobal Ltd
The Directors also advise that it is still in negotiation with several parties for the sale of Cardia’s holding in Bioglobal and the market will be advised when agreement is reached.
Pat Volpe Chairman
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