The con note holders have not invested into the company.
That is just company spin
What have they done every single time they have converted in the past? They are lenders of last resort and will take their profits quickly. Anything above 10% and they will still come out in front. 100% is just smart business sense.
They will sell immediately.
The real question now is why did the raise happen and should it be allowed to go ahead?
A heading that Con Note holders convert at 0.5c to sell into the market plus $3.75m raised at 0.5c for additional working capital doesn't quite have the same ring
ASX isn't going to be happy either.
Milesy
Ann: Further Institutional Investment into CGB, page-20
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