IMO they are going to pull another rabbit out of the hat and I think they probably do have a commitment from a number of major s/h's particularly as "Approval of issue of Convertible Notes - Convertible Note Loan Agreement and Resolution 2 relating to the Approval of issue of Shares on conversion of Convertible Notes - Funding Facility as set out on the Notice of Meeting were withdrawn due to insufficient shareholder support. It is the Company's intention to restructure and/or revise these facilities". Why would you use your muscle to oust La Jolla if you weren't prepared to tip in more. IMHO.
They only need 403 shareholders to stump up $15,000 for 681,800 shares ea to reach their $6,050,000 target. I know it seems like a lot of money but if the sp goes to 4.4c, you've doubled it. Let's face it, we're all there to make money and if some of our losses can be recouped at these levels, IMO, it makes sense to participate. Sure there's a risk, but the Directors seem to be doing all they can to ensure MAE does survive.
What I do think is critical to the success of this SPP, is that Directors participate to the $15,000 max and publicly state it. If they're prepared to use their own personal funds, then so am I.
MAE Price at posting:
2.3¢ Sentiment: Hold Disclosure: Held
