You would think it must be a new player involved ... but what does this mean for the terms and monies already received and agreed with DynEvolve. Why would DynEvolve "change its mind"? Didn't they call Foreman Butte a first class asset.
From the Subscription Agreement dated MAR 30 (so one wonders why this in not covered in the Qtrly report and Cash Flow statement ??)
1. Mar 20 - "Initial Closing" - DynEvolve buys 4,000,000 ADS for $1,000,000
2. April 15 - "Second Closing" - DynEvolve buys NON-CONVERTIBLE Promissory Note for $1,000,000 - this is the "Bridge Loan" which together with the $1M of equity was supposed to temporarily placate MOB
The above had to have happened ... material disclosure if they did not
3. In no event prior to May 10 - "Final Closing" - and upon approval by stockholders comes the issuance of $5,577,919 Convertible Note, used to repay the short term bridging loan and provide the capital to get Foreman Butte restarted.
OK - so May 10 wasn't significant after all. Suspension and Final Closing not co-terminous. And we still need a stockholder vote on the Convertible Note ... wheres that in the list of actions??
Also wouldn't SSN have to notify ASX of the appointment of a new director ... DynEvolve director who was installed on the effective date of the subscription agreement (30 Mar 2018).
The only other known party with significant interest is MOB
Hard to know what to believe from the filings
SSN Price at posting:
0.2¢ Sentiment: None Disclosure: Held
