I went back to read the note on the merger regarding the CON notes and they were being set as being convertible based on 67 cents for CBH shares and $2 for PEM shares. With todays price at 19 cents it will take a long time before the shares get to 67 cents and make it worth while for the note holders to convert. The assumption has to be that the note holders (primarely Thoho Zinc) will want their cash when the time comes and if CBH cannot raise the cash it will get ugly. I own PEM shares and have lost plenty on paper. I am glad the merger has fallen through as I may recover my losses by the year 2020.
CL27
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