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5.5¢ greenwing resources ltd

Ann: Bass completes $2m Convertible Note issue for Graphmada, page-14

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ucs2008

884 Posts.

96

04/07/17

10:24

Post #: 25649304
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Originally posted by gypaetus ↑

Quote :
"the Notes will convert at the lower of 1.5 cents per share or the price at which the Company concludes a capital raising . "

This means that the company intends raise additional capital through a cap raise by 30 november 2017 !!!

How much ? IMO at least another 2 Million$ at 1.5c !!!

Doc 1.5c isn't a floor it's a ceiling, if the CR is @ .01 then the CNs will convert at .01, even if the CR is @ .02 or higher then the CNs convert @ 0.015, and there's nothing in the announcement that satates the terms, amount of the CR.

For arguments sake a CR could be conducted tomorrow for a nominal sum @ .008 - that would then be the price the CNs convert at, now I'm not saying that they will intentionally raise @ a lower price, but they have dealt themselves plunge protection.

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All moot points I think, if mine not producing cash flow +ve in 3mths and I've seen nothing to believe it will be then they will have no other option for cr other than to do same again... rinse repeat get paid increase % owned by select few approve bonuses, start again... I think we've been had, I'll be looking to get out asap

BSM Price at posting: 0.9¢ Sentiment: Sell Disclosure: Held
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Last 5.5¢		Change 0.005(10.0%)		Mkt cap ! $9.062M

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Price($)	Vol.	No.
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