CN appears to be a good deal for the company now.
Once the dust settled after the Q4 FY22 4C the VWAP settled at around 1.5c SP.
If the company were to do a CR it would most likely have been at VWAP less 20% = 1.2c SP.
$10M / 1.2c = 833.33M new shares + costs of CR
833.33M new shares + 2,645M SOI = 3,478.33M shares & 31.5% dilution.
CN holder will possibly convert in 3-5c range after 90 days to receive 10% VWAP discount & about 300M new shares will be required.
300M new shares + 2,645M SOI = 2,945M shares & 11.3% dilution.
Total funding cost for $10M CN = $12,545,487 so for about $2.5M cost the dilution should be reduced by about 20%.
SP should be 20% higher for the same MC.
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