"The recent C note conversion to shares at $0.0337 cents I found disturbing due to the large discount to the share price. I could find not mention of the C note to share conversion value in the annual report I had assumed the conversion rate would have been based on the VWAP of the shares over say the previous 3 months."
They have never announced this. The original convertible note was pretty lenient on the company, but when they revised it the terms were a bit more eye-opening. I queried it then and was told the price (which equated to 53m shares from memory), but it has never appeared in the documentation, so I wondered if there were some constraints in the agreement, as that is definitely unusual, given the price has been fixed since issue.
Having said that, I would rather this agreement than the kind of vulture funding that other companies are exposed to - and given the relationship between the holder and his interest in the company, it may not have been undeserved in some respects.
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1 | 15000 | 0.067 |
1 | 8162 | 0.065 |
1 | 100000 | 0.063 |
2 | 350000 | 0.062 |
Price($) | Vol. | No. |
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0.072 | 244545 | 3 |
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