The ammendment states that funds from this rights issue will be used to expire $1.5M debt, however when I read on they also state that future funding will be required to retire $1.5M debt.........so which one is it?
At least it clears things up for option holders who thought they had to convert prior to X date - hope no-one converted and lost what little leverage is left with BCNOA.
Unfortunately this has become a real mess and left the directors looking like incomptent fools. What was a great little speccy company on Monday has now become a train wreck in 48 hours.....well done BCN.
rights issue change, page-5
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