converts, page-4

You've got it right DS it's been discussed here at length.

Clearly a move of desperation and/or limited avenues to source capital it seems like a massive oversight to open up that kind of window. I don't think anyone ever took the 5.2c headlining the issue with any seriousness - and the discounts to market price where obvious as to providing a significantly risk weighted proposition for participants. With the top discount at 40% + 2/3 options if no objectives achieved ie. a deal the size of Janssen it still provided a 25% discount even if 3 deals where secured.

This is where peer comparisons to Peptidream amaze me - the company raises money as above yet 6 months later come out and say look at our "peer comparison" and it's stellar listing and share price lol ---- the difference is Peptidream can find backers so does the science really match ? The equivalent comparison would say PYC should of had parties banging down the door to participate in raising $52M at 72c heavily oversubscribed and the move diluting the company by 16% with 70M new shares. Yet at todays price and objectives achieved they are looking at issuing 157M shares at 0.011c for a grand total of $1.8M already received. That's more than double the dilution for less than 5% of the capital and not even taking into consideration the magnitude of options attached ----- peer comparison really ? ?