Jesus, this clearly shows that the pumpers could get dragged through the coals and still thank management. No matter what happens here they will never admit they are wrong.
They couldn't organise a standard cap raise and have gone to one sole company that has no risk at all in participation due to being able to sell at any time for profit.
The company didn't have a better option and has had to resort to this.
$5m will pay for everyone's over the top wages and that's it.
The Writings is on the wall here..
Ann: Funding Agreement with Acuity Capital, page-28
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