Hi daando37,
It might be a small piece of the puzzle, but they just gave away 19.37% of the company for $37,695,651.75 once you account for the conversion of the options. Surely they could of made the conversion price at around $1.50 or higher and that would help stage 2 construction costs.
$15m @ .46 32,608,695 shares. $15,000,000.00
$1.5m @ .46 3,260,869 shares. $1,500,000.00
Options 32,608,695 shares. @ .65 $21,195,651.75
Totals 68,478,259 shares for $37,695,651.75
Ann: Trading Halt, page-79
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