What does below mean? A floor price of $0.15? your joking right? why is there more shares and options being given out we supposed have $20M+ in the kitty? could this be part of the reason why our share price has tanked for these new investors?
The convertible securities are interest free and secured against 6,800,000 shares of the Company. The convertible securities are convertible into the Company’s ordinary shares at 90% of the average of five daily volume-weighted average prices of the Company’s ordinary shares during a specified period prior to the date of their conversion, and with up to A$1.5 million at a conversion price equal to 130% of the average of the daily VWAPs per Share during the 20 trading days immediately prior to the execution date of the agreement. The facility is subject to a floor price of A$0.15, whereby the Company may elect not to issue the convertible notes and to terminate the facility at no cost if the market price of its shares is below the floor price.
A facility fee has been paid by way of the issuance of shares of the Company. The Company has issued 12,500,000 options with an exercise price of $0.2216 and with an expiry date of 16 May 2015 to the investor.
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