Bergen are usually a lender of last resort or a quick fix imo. I'm not aware of them investing, they just want quick profits or maybe high probability short term investments.
With SOC in with a good chance of winning the number of announcements released on ASX award for 2013, maybe Bergen can slowly sell into news in 2014.
The additional 10% placement capacity recently introduced may save a few companies from resorting to convertible notes but generally not good for sp.
I've never seen the 130% used, just 90% of vwap - not a difficult decision for noteholders.
Bergen get $1.1m of shares for $1m at 90% of vwap (90% of 16.5c for example)
$1m outlay for approx 7.3m shares at 15c (based on vwap)
So effectively a 13c-14c raise imo.
3B will soon confirm.
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